What’s Average in the World of Employee Benefits?
July 1, 2009
The Bureau of Labor Statistics released this batch of information on average wages and benefits for the construction industry for March 2009. Remember that these numbers include many sectors, not just plumbing & HVACR.
- Average cost per hour for an employee’s pay and benefits: $31.29.
- Wages accounted for $21.68, or 69.3% of the total.
- Benefits accounted for $9.61 or 30.7 %.
- Of those benefits, legally required expenses related to Social Security, Medicare, unemployment insurance, and workers’ compensation ate up $3.50 an hour, or 11.2% of the total.
- Insurance costs paid by employers (life, health, short & long term disability) averaged $2.30 an hour, or 7.4% of total costs.
- The construction industry lagged other “Goods Producing” sectors in offering paid leave. The paid vacation, holiday, sick and personal leave in construction averaged $1.13/hour or 3.6% of total compensation (vs. the 7.1% average for all workers).
- Employer paid costs for retirement and savings benefits were: $1.61, or 5.1%.
Get full details online through the BLS website: http://www.bls.gov/news.release/ecec.t06.htm
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