|
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. |
10 Steps for College Seniors to Jump Start Their Job Search
What to say in follow-up calls in job search Bad Credit Can Hinder Job Search, But Not Always At interview, work on standing out from crowd Faces--and Fates--of the Jobless Vets Returning Home to Unfriendly Job Market Hidden job market all about who you know Unemployment Rate Shows a Job Market Stuck in Neutral There's no resume that fits all job openings Employers Increasing Proportion of Variable Pay in Employee Pay Programs More Than Half of Large, Downsized U.S. Businesses Plan to Rebuild Their Workforces to Pre-Recession Levels by 2012 U.S. Employers Offer PTO to Compete in the Labor Market Labor recruiter's advice: Keep in touch to stand out 10 Job Hunting Tips From People Who Found Jobs State Workers, Long Resistant, Accept Cuts in Pension Benefits The New Power Suit for Summer Job Seekers Must Adapt to Changed Labor Market Notes from a Job Search: Starting Up What Will Be the Hot Jobs of 2018? Employers Report Back on Talent Shortages College Graduate Hiring Decreases Older Workers Likely to Benefit as Job Market Rallies Know Rules to Negotiate Pay After Long Unemployment 6 Ways to Job Hunt - Smarter - Not Harder Seven Basics for Job Hunting on Linked-In Recruiting Across Generations 5 Easy Pitfalls to Avoid in Job Search Outlook Brightens for Jobless Nearly 40 Percent of CEO's Plan to Increase Workforce in 2010 Older Entrepreneurs Target Peers Graduate Job Hunters Told to "Wow" Employers at Interview Hit and Hope Approach Adopted by Desperate Job Hunters How to Succeed in the Age of Going Solo Weak Outlook for New Hiring |
