August 27, 2003 (The Editor’s Desk is updated each business day.)

Employee benefits in June 2003

In June 2003, private industry employer compensation costs for all workers averaged $22.61 per hour worked. Wages and salaries averaged $16.31 per hour, while benefits averaged $6.30. 

[Chart data—TXT]

The cost of insurance (health, life, and disability) averaged $1.57 per hour worked. Health insurance has risen from $1.31 per hour worked and 6.0 percent of total compensation in June 2002, to $1.45 per hour and 6.4 percent in June 2003.

Employer costs for paid leave averaged $1.46 per hour worked, supplemental pay averaged 64 cents, retirement and savings averaged 67 cents, and legally required benefits such as Social Security and workers' compensation averaged $1.93 per hour worked.

These data are from the BLS Compensation Cost Trends program. Find out more in Employer Costs for Employee Compensation-June 2003 (PDF) (TXT), news release USDL 03-446. Paid leave includes vacations, holidays, sick leave, and other leave. Supplemental pay includes premium pay for work in addition to the regular work schedule (such as overtime, weekends, and holidays), shift differentials, and nonproduction bonuses. Retirement and savings benefits include defined benefit and defined contribution plans. Legally required benefits are Social Security, Medicare, Federal and State unemployment insurance, and workers' compensation. Other benefits include severance pay and supplemental unemployment plans.