In December, it cost private industry $2.49 per hour worked tooffer Social Security, retirement and savingsbenefits to employees, according to the U.S. Bureau of LaborStatistics.
Social Security accounted for $1.39 per hour, or 4.7 percent oftotal compensation, while retirement and savings benefits accountedfor $1.10 per hour, or 3.7 percent of compensation.
Private industry employers spent an average of $29.63 per hourworked for total employee compensation in December, according toBLS. Wages and salaries averaged $20.76 per hour worked andaccounted for 70.1 percent of these costs, while benefits averaged$8.87 and accounted for the remaining 29.9 percent.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
