Benefits

Data Bank Focus: Retirement Benefit Costs

By Betsy Shepherd

Feb. 8, 2012

According to data from the U.S. Bureau of Labor Statistics, an employer’s total cost for employee compensation increased by 2.5 percent from 2009 to 2011. Higher costs for retirement benefits, primarily employerprovided benefits programs, contributed to an overall cost increase of 74 cents per hour worked over that time frame. Pay represents roughly 79 percent of total compensation costs with insurance and retirement taking up the balance at roughly 21 percent. However, pay represents only 59 percent of the increase in costs, with insurance and retirement benefits representing 38 percent.

Workforce Management, February 2012, p. 16-17

Subscribe Now!

About Workforce.com

blog workforce

We build robust scheduling & attendance software for businesses with 500+ frontline workers. With custom BI reporting and demand-driven scheduling, we help our customers reduce labor spend and increase profitability across their business. It's as simple as that.

Book a call
See the software

Related Articles

workforce blog

Benefits

EEOC says that employers legally can offer incentives to employees to get vaccinated in almost all instances

If you’re an employer looking to get as many of your employees vaccinated as possible, you can rest eas...

ADA, CDC, COVID-19, EEOC, GINA, pandemic, vaccinated

workforce blog

Benefits

Fixing some common misconceptions about HIPAA

Ever since the CDC amended its COVID-19 guidance to say that the fully vaccinated no longer need to wea...

COVID-19, health care, HIPAA, human resources, wellness

workforce blog

Benefits

We are in the midst of a public mental health crisis; how employers can help

Do not ignore these issues or your employees who are living with them. Mental health illnesses are no d...

ADA, benefits, Coronavirus, FMLA, mental health, paid time off