Thursday, January 27, 2005
Tweet[IWS] U.S. Employers Generous with BENEFITS despite rising costs SURVEY [26 Janiuary 2005]
IWS Documented News Service
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Institute for Workplace Studies Professor Samuel B. Bacharach
School of Industrial & Labor Relations Director, Institute for Workplace Studies
Cornell University
16 East 34th Street, 4th floor Stuart Basefsky
New York, NY 10016 Director, IWS News Bureau
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United States Chamber of Commerce
Wednesday, January 26, 2005
Chamber Survey Shows Employers Generous with Benefits Despite Rising Costs
http://www.uschamber.com/press/releases/2005/january/05-13.htm
WASHINGTON, D.C. The United States Chamber of Commerce annual survey of its members showed employers provided an average of $18,358 in benefits per employee in 2003, compared to $18,000 in 2002. Of that amount, nearly $5,653 was for medical benefits, $4,932 for paid time off, and $3,303 for retirement and savings.
Employers are continuing to offer their workers a broad range of benefits in order to maintain a strong workforce despite the rising cost,said Bruce Josten, Chamber executive vice president.
Employee benefit costs represented 37.6 percent of payroll among all companies, according to the study. Manufacturing companies spent a higher amount compared to non-manufacturers, averaging 40.1 percent of payroll versus 37.1 percent. Medical benefits were the most expensive, accounting for 11.6 percent of payroll.
The most common benefits offered by employers continue to include health insurance, paid holidays and vacation, and retirement plan benefits.
The Chamber has annually conducted an employee benefits study, which is widely used for benchmarking and documenting employee benefit costs, for more than 50 years. Nearly 600 companies participated in the latest survey.
The U.S. Chamber of Commerce is the world's largest business federation representing more than three million businesses and organizations of every size, sector and region.
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_____________________________
This information is provided to subscribers, friends, faculty, students and alumni of the School of Industrial & Labor Relations (ILR). It is a service of the Institute for Workplace Studies (IWS) in New York City. Stuart Basefsky is responsible for the selection of the contents which is intended to keep researchers, companies, workers, and governments aware of the latest information related to ILR disciplines as it becomes available for the purposes of research, understanding and debate. The content does not reflect the opinions or positions of Cornell University, the School of Industrial & Labor Relations, or that of Mr. Basefsky and should not be construed as such. The service is unique in that it provides the original source documentation, via links, behind the news and research of the day. Use of the information provided is unrestricted. However, it is requested that users acknowledge that the information was found via the IWS Documented News Service.
Stuart Basefsky *
Director, IWS News Bureau *
Institute for Workplace Studies *
Cornell/ILR School *
16 E. 34th Street, 4th Floor *
New York, NY 10016 *
*
Telephone: (607) 255-2703 *
Fax: (607) 255-9641 *
E-mail: smb6@cornell.edu *
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_______________________________
Institute for Workplace Studies
School of Industrial & Labor Relations
Cornell University
16 East 34th Street, 4th floor
New York, NY 10016
________________________________________________________________________
United States Chamber of Commerce
Wednesday, January 26, 2005
Chamber Survey Shows Employers Generous with Benefits Despite Rising Costs
http://www.uschamber.com/press/releases/2005/january/05-13.htm
WASHINGTON, D.C. The United States Chamber of Commerce annual survey of its members showed employers provided an average of $18,358 in benefits per employee in 2003, compared to $18,000 in 2002. Of that amount, nearly $5,653 was for medical benefits, $4,932 for paid time off, and $3,303 for retirement and savings.
Employers are continuing to offer their workers a broad range of benefits in order to maintain a strong workforce despite the rising cost,said Bruce Josten, Chamber executive vice president.
Employee benefit costs represented 37.6 percent of payroll among all companies, according to the study. Manufacturing companies spent a higher amount compared to non-manufacturers, averaging 40.1 percent of payroll versus 37.1 percent. Medical benefits were the most expensive, accounting for 11.6 percent of payroll.
The most common benefits offered by employers continue to include health insurance, paid holidays and vacation, and retirement plan benefits.
The Chamber has annually conducted an employee benefits study, which is widely used for benchmarking and documenting employee benefit costs, for more than 50 years. Nearly 600 companies participated in the latest survey.
The U.S. Chamber of Commerce is the world's largest business federation representing more than three million businesses and organizations of every size, sector and region.
# # #
_____________________________
This information is provided to subscribers, friends, faculty, students and alumni of the School of Industrial & Labor Relations (ILR). It is a service of the Institute for Workplace Studies (IWS) in New York City. Stuart Basefsky is responsible for the selection of the contents which is intended to keep researchers, companies, workers, and governments aware of the latest information related to ILR disciplines as it becomes available for the purposes of research, understanding and debate. The content does not reflect the opinions or positions of Cornell University, the School of Industrial & Labor Relations, or that of Mr. Basefsky and should not be construed as such. The service is unique in that it provides the original source documentation, via links, behind the news and research of the day. Use of the information provided is unrestricted. However, it is requested that users acknowledge that the information was found via the IWS Documented News Service.
Stuart Basefsky
Director, IWS News Bureau
Institute for Workplace Studies
Cornell/ILR School
16 E. 34th Street, 4th Floor
New York, NY 10016
Telephone: (607) 255-2703
Fax: (607) 255-9641
E-mail: smb6@cornell.edu
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# posted by SBasefsky : 3:45 PM
