Report Details Employee Compensation Costs in New England
BOSTON — The New England Information Office of the U.S. Bureau of Labor Statistics has released regional data on employer costs for employee compensation (ECEC) for March 2015. ECEC data are based on the National Compensation Survey (NCS), which measures employer costs for wages, salaries, and employee benefits.
Total compensation costs among private-industry employers in New England averaged $38.35 per hour worked in March 2015. Wages and salaries accounted for 71.2% of total compensation costs (or $27.28 per hour), while benefits accounted for 28.8% of costs (or $11.06 per hour).
Total benefits costs to employers within the New England division were comprised, primarily, of the following categories: insurance (including life, health, short- and long-term disability insurance), $2.95 per hour worked; legally required benefits (including Social Security and Medicare), $2.92 per hour; and paid leave (including vacation, holiday, sick, and personal leave categories), $2.72 per hour. Retirement and savings added another $1.41 per hour to the total benefits cost in New England.
In the U.S., compensation costs among private industry employers averaged $31.65 per hour worked in March. Wages and salaries, at $21.94 per hour, accounted for 69.3% of these costs, while benefits, at $9.71, made up the remaining 30.7%.