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Bureau of Labor Statistics Survey Breaks Down Benefits Paid by the Hour Source: WorldAtWork.com For every hour worked in June 2008, employers spent an average of $1.25 for employee retirement and savings plans, which accounted for 4.4% of total compensation, according to a report issued by the Bureau of Labor Statistics. The Employer Costs for Employee Compensation survey lumps defined benefit and defined contribution plans with retirement and savings plans; the survey also includes wages and salaries. According to the report, total compensation for civilian workers averaged $28.48 per hour worked in June 2008. Nearly 70% of those costs were from wages and salaries, which averaged $19.85, according to the report. The remaining 30% of total compensation was from benefits, which averaged $8.64. Other benefits measured by the survey were life, health and disability insurance: $2.39 per hour, 8.4% of total compensation; Social Security, Medicare, unemployment insurance and workers’ compensation: $2.25 per hour, 7.9% of total compensation; paid leave including vacations, holidays, sick leave and personal leave: $1.99 hourly, 7.0% of total benefits; and supplemental pay: $0.76 per hour, 2.7% of total compensation. Private industry employer compensation costs were similar at an average of $26.78 per hour worked; wages and salaries were at $18.92 per hour (70.6%); benefits averaged $7.86 (29.4%). Employers paid out $1.78 per hour worked for paid leave (6.7%), $0.83 for supplemental pay (3.1%), $2.05 for insurance benefits (7.7%), $0.95 for retirement and savings (3.6%), and $2.24 for Social Security, Medicare, unemployment insurance and workers’ compensation (8.4%). Retirement and savings costs for private industry were an average of $0.95 per hour worked (3.6% of total compensation). Earnings for defined benefit plans was $0.42 per hour worked (1.6% of total compensation). Employers spent an average of $0.53 per hour worked for defined contribution plans (2.0% of total compensation). Contents © 2008 WorldatWork. No part of this article may be reproduced, excerpted or redistributed in any form without express written permission from WorldatWork. |
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