Home » NEWS » Private-sector compensation costs near $28/hour

Private-sector compensation costs near $28/hour

WASHINGTON — Private industry employers spent an average of $27.64 per hour worked for employee compensation in June 2010, the U.S. Bureau of Labor Statistics reports.

Wages and salaries averaged $19.53 per hour worked and accounted for 70.6 percent of these costs, while benefits averaged $8.11 and accounted for the remaining 29.4 percent.

Total compensation costs for state and local government workers averaged $39.74 per hour worked in June 2010.

Total compensation costs for civilian workers, which include private industry and state and local government workers, averaged $29.52 per hour worked in June 2010.

Private industry employer costs for retirement and savings benefits varied by occupational group. Private industry retirement and savings benefit costs for management, professional and related occupations were $1.89 per hour, or 3.9 percent of total compensation, in June 2010. Costs were lowest among service occupations, 21 cents, or 1.5 percent of total compensation. Included in this amount were employer costs for defined benefit and defined contribution plans.

Employer Costs for Employee Compensation (ECEC), a product of the National Compensation Survey, measures employer costs for wages, salaries and employee benefits for non-farm private and state and local government workers.

BEFORE YOU GO…

… we’d like to ask for your support. More people are reading the Mississippi Business Journal than ever before, but advertising revenues for all conventional media are falling fast. Unlike many, we do not use a pay wall, because we want to continue providing Mississippi’s most comprehensive business news each and every day. But that takes time, money and hard work. We do it because it is important to us … and equally important to you, if you value the flow of trustworthy news and information which have always kept America strong and free for more than 200 years.

If those who read our content will help fund it, we can continue to bring you the very best in news and information. Please consider joining us as a valued member, or if you prefer, make a one-time contribution.

Click for more info

About Wally Northway

Leave a Reply

Your email address will not be published. Required fields are marked *

*