State:
Free Special Resources
Get Your FREE Special Report. Download Any One Of These FREE Special Resources, Instantly!
Featured Special Report
Claim Your Free Cost Per Hire Calculator
This handy calculator lets you plug in your expenses for recruiting, benefits, salaries, and more.

Graphs automatically generate to show you your annual cost per hire and a breakdown of where you are spending the most money.

Download Now!
August 08, 2002
Benefits Cost Increases Surpass Wage Hikes
The
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!
Bureau of Labor Statistics has released the most recent Employment Cost Index, which shows that benefits costs continue to increase faster than salaries, Spencernet reports.

The index reveals that benefit costs for private industry workers increased 5 percent for the year that ended June 30, 2002. According to the BLS, the increases were due largely in part to the increasing employer costs of health insurance.

Seasonally adjusted, benefits costs increased more rapidly than the three-month compensation increase of 1 percent, with a three-month rise in benefits costs of 1.3 percent during the June quarter. The increase was only 1 percent during the March quarter.

The benefits covered by the Employment Cost Index are the following:
  • paid leave (vacations, holidays, sick leave, and other leave)
  • supplemental pay (premium pay for work in addition to the regular work schedule such as overtime, weekends, and holidays), shift differentials, and nonproduction bonuses (such as referral bonuses and lump sum payments provided in lieu of wage increases)
  • insurance benefits (life, health, short term disability, and long term disability)
  • retirement and savings benefits (defined benefit and defined contribution plans)
  • legally required benefits (Social Security, federal and state unemployment insurance, and workers' compensation)
  • other benefits such as severance pay and supplemental unemployment plans


Links
Featured Free Resource:
Cost Per Hire Calculator
   
   
 
 
Twitter  Facebook  Linked In
Follow Us
CT-WEB06
Copyright © 2016 Business & Legal Resources. All rights reserved. 800-727-5257
This document was published on http://Compensation.BLR.com
Document URL: http://compensation.blr.com/Compensation-news/Benefits-Leave/Employee-Benefits/Benefits-Cost-Increases-Surpass-Wage-Hikes/