Employer costs for employee compensation averaged $24.24 per hour worked in
private industry in June 2005, according to the Department of Labor's Bureau
of Labor Statistics.
For a Limited Time receive a
FREE Compensation Market Analysis Report! Find out how much you should be paying to attract and retain the best applicants and employees, with
customized information for your industry, location, and job.
Get Your Report Now!Wages and salaries averaged $17.21 per hour (71.0 percent), while benefits
averaged $7.03 (29.0 percent). Employer costs for paid leave averaged $1.54
per hour worked (6.3 percent), supplemental pay averaged 69 cents (2.9 percent),
insurance benefits averaged $1.76 (7.3 percent), retirement and savings averaged
88 cents (3.6 percent), and legally required benefits averaged $2.12 (8.7 percent)
per hour worked.
In June 2005, average costs in private industry for retirement and savings
benefits were 88 cents per hour worked, or 3.6 percent of total compensation.
The average cost per hour worked for both defined benefit plans and defined
contribution retirement plans was 44 cents (1.8 percent of total compensation).
Defined benefit plans typically specify a benefit based on age, years of service,
and earnings; defined contribution plans are usually based on employer contributions
to individual employee accounts.
Among occupational groups, retirement and savings costs ranged from 18 cents
per hour worked for service occupations to $1.75 for management, professional,
and related occupations. Sales and office occupations averaged 55 cents; production,
transportation, and material moving occupations, 86 cents; and natural resources,
construction, and maintenance occupations, $1.35 per hour.
The proportion of total compensation represented by retirement and savings
ranged from 1.5 percent for service workers to 4.9 percent for natural resources,
construction, and maintenance workers.