September 16, 2004 (The Editor’s Desk is updated each business day.)

Employer costs for retirement and savings plans, June 2004

In June 2004, average costs to employers in private industry for retirement and savings benefits were 82 cents per hour worked.

[Chart data—TXT]

Among occupational groups, retirement and savings costs ranged from 18 cents per hour worked for service occupations to $1.53 for management, professional, and related occupations.

Sales and office occupations averaged 52 cents; production, transportation, and material moving occupations, 88 cents; and natural resources, construction, and maintenance occupations, $1.27 per hour.

The cost of all employee benefits—including paid leave, supplemental pay, insurance, legally required benefits, as well as retirement and savings plans—averaged $6.69 per hour worked in private industry in June 2004. Wages and salaries averaged $16.71 per hour.

These data are from the BLS National Compensation Survey - Compensation Cost Trends program. Learn more about employer costs for wages, salaries, and benefits in "Employer Costs for Employee Compensation - June 2004" (PDF) (TXT), news release USDL 04-1805.