March 14, 2014 by Tony Novak
Employee Benefit Adviser writes:
“Private industry employers spent, on average, $29.63 per hour worked for total employee compensation in December 2013, the U.S. Bureau of Labor Statistics reported Wednesday. Wages and salaries averaged $20.76 per hour worked and accounted for 70.1% of that cost, while benefits averaged $8.87 and accounted for the remaining 29.9%.
Private industry employers paid, on average, $2.45 per hour worked for insurance benefits, including life, health and disability insurance, accounting for 8.3% of total compensation. In addition to insurance, the other benefit categories were supplemental pay(overtime and premium, shift differentials and nonproduction bonuses), which averaged 85 cents per hour worked (2.9%) and retirement savings, which averaged $1.10 per hour (3.7%).”