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?
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