Employees wonder about value of benefits? Here’s the answer
June 16, 2009 by Jim GiulianoPosted in: In this week's e-newsletter, Latest News & Views, Pay and benefits
The next time employees want to know — or want to complain about — the value of their pay and benefits, point them to the latest statistics.
The U.S. Bureau of Labor Statistics just released these figures:
- Average per-hour amount employers paid in March to cover pay and benefits: $29.39. Of that, $8.90, or 30.3 %, went to pay for benefits.
- The average amount spent for legally required benefits — Social Security, Medicare, unemployment insurance, and workers’ compensation — was $2.28 an hour, or 7.8% of total compensation.
- Employer-paid life, health and disability insurance averaged $2.52 an hour, or 8.6% of total costs.
- Cost of other discretionary benefits such as paid holidays and leave: $2.08, or 7.1%.
- Retirement and savings benefits: $1.31, or 4.5%.
Go here for a full breakdown of costs by categories such as industry and occupation.
Tags: medicare, social security, U.S. Bureau of Labor Statistics
June 23rd, 2009 at 3:14 pm
What was the formula used to calculate the average per hr amount employer paid to cover pay and benefit?
Same question apply for the average amount spent for legally required benefits — Social Security, Medicare, unemployment insurance, and workers’ compensation — was $2.28 an hour, or 7.8% of total compensation & Employer-paid life, health and disability insurance averaged $2.52 an hour, or 8.6% of total costs.
Any brief explanation of how to get this figure would be helpful.
Chenny