To the extent that benefits are a key component of overall compensation, have benefits increased at a faster rate than earnings, thus offsetting part of the sluggish growth in wages?(Photo: Shutterstock)
It has been well documented that growth in average employee pay in the United States has struggled to keep up with inflation. Data from the Bureau of Labor Statistics (BLS) indicates that from 2013-2018, average weekly earnings after inflation (real earnings) increased at only a 1.2% annualized rate.
That is, while inflation has averaged 1.5% annually over the 2013-18 period, wages and salaries have increased by 2.7% per year, a 1.2% difference.
To the extent that benefits are a key component of overall compensation, have benefits increased at a faster rate than earnings, thus offsetting part of the sluggish growth in wages?
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.