Costs of retirement and savings benefits for employers in private industry, June 2010
September 16, 2010
In June 2010, average costs in private industry for retirement and savings benefits were 96 cents per hour worked, or 3.5 percent of total compensation. Among occupational groups, employer costs for retirement and savings benefits ranged from 21 cents per hour worked, or 1.5 percent of total compensation, for service occupations, to $1.89 per hour worked, or 3.9 percent of total compensation, for management, professional, and related occupations.
In June 2010, the costs of retirement and savings benefits were higher, both in amount and as a proportion of total compensation, for union workers ($2.63 and 7.0 percent of total compensation) than for nonunion workers (78 cents and 2.9 percent of total compensation).
The costs of retirement and savings benefits in June 2010 were higher per hour worked in goods-producing industries ($1.50 and 4.6 percent of total compensation) than in service-providing industries (85 cents and 3.2 percent of total compensation). Within goods-producing industries, retirement and savings costs averaged $1.68 per hour in construction and $1.30 per hour in manufacturing. Costs in service-providing industries varied widely, ranging from 11 cents in leisure and hospitality to $1.63 in the information industry.
Bureau of Labor Statistics, U.S. Department of Labor, The Economics Daily, Costs of retirement and savings benefits for employers in private industry, June 2010 on the Internet at http://www.bls.gov/opub/ted/2010/ted_20100916.htm (visited October 25, 2014).
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