Health benefits cost employers more than retirement benefits, according to the United States Chamber of Commerce. The Chamber's 2007 Employee Benefits Study found medical benefits cost 12.1 percent of an employer's benefits expenditures, while retirement benefits cost 10.4 percent. Time off cost 9.8 percent of benefit costs.
"Research shows that many employees consider benefits as important as salary," said Randel Johnson, the Chamber's vice president for Labor, Immigration & Employee Benefits. "In a competitive labor market, businesses are challenged to offer benefit packages that attract and retain high-quality workers."
The 2007 survey includes over 400 U.S. companies and is based on actual 2006 payroll expenditures.