Wages and salaries account for 70.3 percent of employers’ total compensation costs
09/11/2013 9:58 AM
09/11/2013 10:02 PM
Private industry employers spent an average of $29.11 an hour for employee compensation in June. The figure includes the cost of employee benefits.
The U.S. Bureau of Labor Statistics reported Wednesday that the private industry average cost of wages and salaries was $20.47 per employee hour worked. That accounted for 70.3 percent of total payroll costs for employers.
The cost of employee benefits paid by private sector employers averaged $8.64 per employee hour worked, or 29.7 percent of total compensation costs.
In state and local governments, the total compensation cost per employee hour averaged $42.09.
A private industry breakdown of employee benefits costs found 8.2 percent going to legally required expenses, such as taxes. The other comparatively large benefit costs were for insurance, health benefits and paid leave, all of which are discretionary benefits.
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