Wednesday, September 10, 2008
Tweet[IWS] BLS: EMPLOYER COSTS FOR EMPLOYEE COMPENSATION-JUNE 2008 [10 September 2008]
IWS Documented News Service
_______________________________
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
________________________________________________________________________
EMPLOYER COSTS FOR EMPLOYEE COMPENSATION-JUNE 2008 [10 September 2008]
http://www.bls.gov/news.release/ecec.nr0.htm
or
http://www.bls.gov/news.release/pdf/ecec.pdf
[full-text, 27 pages]
Employers spent an average of $1.25 for employee retirement and savings plans for
every hour worked in June 2008, the U.S. Department of Labor's Bureau of Labor Statistics
reported today. This accounted for 4.4 percent of total compensation. Retirement and
savings, which includes both defined benefit and defined contribution plans, is only one
of several benefits included in the Employer Costs for Employee Compensation survey, along
with wages and salaries. Total compensation (wages and salaries and benefits) for civilian
workers averaged $28.48 per hour worked in June 2008. Wages and salaries, which averaged
$19.85, accounted for 69.7 percent of these costs, while benefits, which averaged $8.64,
accounted for the remaining 30.3 percent. (See table 1.) The Employer Costs for Employee
Compensation program, a product of the National Compensation Survey, measures employer
costs for wages, salaries, and employee benefits for nonfarm private and state and local
government workers.
In addition to retirement and savings the other benefit categories were: life, health,
and disability insurance benefits, which averaged $2.39 (8.4 percent of total compensation);
legally required benefits, including Social Security, Medicare, unemployment insurance, and
workers' compensation, which averaged $2.25 per hour (7.9 percent); paid leave benefits
(vacations, holidays, sick leave, and personal leave), which averaged $1.99 (7.0 percent);
and supplemental pay which averaged 76 cents (2.7 percent).
Private industry
In June 2008, private industry employer compensation costs averaged $26.78 per hour
worked. Wages and salaries averaged $18.92 per hour (70.6 percent), while benefits averaged
$7.86 (29.4 percent). Employer costs for paid leave averaged $1.78 per hour worked
(6.7 percent), supplemental pay averaged 83 cents (3.1 percent), insurance benefits averaged
$2.05 (7.7 percent), retirement and savings averaged 95 cents (3.6 percent), and legally
required benefits averaged $2.24 (8.4 percent) per hour worked. (See table 5.)
Retirement and savings benefit costs in private industry
In June 2008, average costs in private industry for retirement and savings benefits were
95 cents per hour worked, or 3.6 percent of total compensation. The average cost per hour
worked for defined benefit plans--retirement plans that typically specify a benefit based on
age, years of service, and earnings--was 42 cents (1.6 percent of total compensation). The
average cost for defined contribution plans--retirement plans usually based on employer
contributions to individual employee accounts--was 53 cents (2.0 percent of total compensation).
(See table 5.) Employer costs for retirement and savings plans are affected by several
factors, including the percentage of employees that have access to and participate in the plans
offered by their employer. (The National Compensation Survey produces comprehensive data on
the percentage of workers with access to and participation in retirement plans. Data for
March 2008 were recently released and are available at http://www.bls.gov/news.release/pdf/ebs2.pdf).
AND MUCH MORE...including TABLES....
______________________________
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
****************************************
_______________________________
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
________________________________________________________________________
EMPLOYER COSTS FOR EMPLOYEE COMPENSATION-JUNE 2008 [10 September 2008]
http://www.bls.gov/news.release/ecec.nr0.htm
or
http://www.bls.gov/news.release/pdf/ecec.pdf
[full-text, 27 pages]
Employers spent an average of $1.25 for employee retirement and savings plans for
every hour worked in June 2008, the U.S. Department of Labor's Bureau of Labor Statistics
reported today. This accounted for 4.4 percent of total compensation. Retirement and
savings, which includes both defined benefit and defined contribution plans, is only one
of several benefits included in the Employer Costs for Employee Compensation survey, along
with wages and salaries. Total compensation (wages and salaries and benefits) for civilian
workers averaged $28.48 per hour worked in June 2008. Wages and salaries, which averaged
$19.85, accounted for 69.7 percent of these costs, while benefits, which averaged $8.64,
accounted for the remaining 30.3 percent. (See table 1.) The Employer Costs for Employee
Compensation program, a product of the National Compensation Survey, measures employer
costs for wages, salaries, and employee benefits for nonfarm private and state and local
government workers.
In addition to retirement and savings the other benefit categories were: life, health,
and disability insurance benefits, which averaged $2.39 (8.4 percent of total compensation);
legally required benefits, including Social Security, Medicare, unemployment insurance, and
workers' compensation, which averaged $2.25 per hour (7.9 percent); paid leave benefits
(vacations, holidays, sick leave, and personal leave), which averaged $1.99 (7.0 percent);
and supplemental pay which averaged 76 cents (2.7 percent).
Private industry
In June 2008, private industry employer compensation costs averaged $26.78 per hour
worked. Wages and salaries averaged $18.92 per hour (70.6 percent), while benefits averaged
$7.86 (29.4 percent). Employer costs for paid leave averaged $1.78 per hour worked
(6.7 percent), supplemental pay averaged 83 cents (3.1 percent), insurance benefits averaged
$2.05 (7.7 percent), retirement and savings averaged 95 cents (3.6 percent), and legally
required benefits averaged $2.24 (8.4 percent) per hour worked. (See table 5.)
Retirement and savings benefit costs in private industry
In June 2008, average costs in private industry for retirement and savings benefits were
95 cents per hour worked, or 3.6 percent of total compensation. The average cost per hour
worked for defined benefit plans--retirement plans that typically specify a benefit based on
age, years of service, and earnings--was 42 cents (1.6 percent of total compensation). The
average cost for defined contribution plans--retirement plans usually based on employer
contributions to individual employee accounts--was 53 cents (2.0 percent of total compensation).
(See table 5.) Employer costs for retirement and savings plans are affected by several
factors, including the percentage of employees that have access to and participate in the plans
offered by their employer. (The National Compensation Survey produces comprehensive data on
the percentage of workers with access to and participation in retirement plans. Data for
March 2008 were recently released and are available at http://www.bls.gov/news.release/pdf/ebs2.pdf).
AND MUCH MORE...including TABLES....
______________________________
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
****************************************
# posted by SBasefsky : 2:03 PM
