Workers cost private employers an average of $27.88 per hour worked in total compensation. How much of that goes toward benefits?
$8.20 (or 29.4%), according to the latest data from the U.S. Bureau of Labor Statistics.
That means private-industry employees are paid an average wage of $19.68 per hour.
Are your pay figures in the same ballpark as these?
Supplemental pay, which includes overtime and bonuses, accounted for 78 cents of that $27.88 per-hour figure (or 2.8% of total compensation).
- Benefits required by law — Social Security, Medicare, unemployment insurance, workers’ comp, etc. — cost employers $2.81 per hour (8.3% of total compensation).
- Insurance plans cost employers $2.24 per hour (8% of total comp), and $2.10 of that goes toward health insurance. The other 14 cents are allocated toward life, short-term disability and long-term disability coverage.
- Paid leave benefits — vacation time, holidays, sick days, personal leave, etc. — costs employers $1.88 per hour (6.7% of total comp).
- Defined contribution/benefit plans cost employers 99 cents per hour (3.6% of total comp).
Info: For complete breakouts by occupational group, industry, region and employment status, click here.