Benefits were 4.4% of Total Comp Costs in June

September 10, 2008 ( - Employers spent an average of $1.25 per hour worked for employee retirement and savings plans in June 2008, the U.S. Department of Labor's Bureau of Labor Statistics (BLS) reported.

This accounted for 4.4% of total compensation. Total compensation (wages, salaries and benefits) for civilian workers averaged $28.48 per hour worked in June 2008, BLS said. Wages and salaries, which averaged $19.85, accounted for 69.7% of these costs, while benefits, which averaged $8.64, accounted for the remaining 30.3%.

In June 2008, average costs in private industry for retirement and savings benefits were $0.95 cents per hour worked, or 3.6% of total compensation. The average cost per hour worked for defined benefit plans was $0.42 cents (1.6% of total compensation). The average cost for defined contribution plans was $0.53 cents (2% of total compensation).

Retirement and savings costs were higher, both in amount and as a proportion of total compensation, for union workers ($2.44 and 6.7% of total compensation) than for nonunion workers ($0.78 cents and 3% of total compensation). Defined benefit plan costs were significantly higher for union workers ($1.73 and 4.8% of compensation) than for nonunion workers ($0.27 and 1% of compensation).

In addition to retirement and savings, the other benefit categories were: life, health, and disability insurance benefits, which averaged $2.39 (8.4% of total compensation); legally required benefits, including Social Security, Medicare, unemployment insurance, and workers’ compensation, which averaged $2.25 per hour (7.9%); paid leave benefits (vacations, holidays, sick leave, and personal leave), which averaged $1.99 (7%); and supplemental pay which averaged $0.76 cents (2.7%).

The full report is available here .