Happy National Employee Benefits Day! Looking for a way to celebrate—since I am certain it’s marked prominently on your calendar? We at BLS are happy to help out by giving you some facts from the unique benefits data we produce.
Our National Compensation Survey helps us answer a simple question: who has what benefits? The survey produces comprehensive data on benefit plans such as holidays and vacations, sick leave, health and life insurance, and retirement plans. Maybe you’ve wondered who reads the detailed benefits descriptions provided by employers. Answer: BLS does! That’s how we gather much of the data behind the benefits reports we publish.
We’ve compiled some “fast facts” below to give you a snapshot of the benefits information we provide. You can use these facts to check out how your benefit plan stacks up or to get background on some of the policy issues in the news these days.
How many private industry workers are offered medical insurance? At what cost?
- Sixty-nine percent of workers were offered medical insurance by their employer in 2015.
- Full-time employees were nearly four times more likely to be offered medical insurance by their employer than part-time workers (86 percent versus 21 percent).
- In most cases, private industry workers had to share the cost of medical insurance, paying an average of $122 per month for single coverage and $476 per month for family coverage.
Do most private industry workers have access to employer-sponsored retirement plans?
- Sixty-six percent of workers had access to a retirement plan through their job, frequently a 401(k) plan.
- The more money you made, the more likely you were to have access. In 2015, 88 percent of the highest-wage workers (top 10 percent) had access, as opposed to 31 percent of the lowest-wage workers (bottom 10 percent).
What types of paid leave are offered by private industry employers?
- Seventy-one percent of workers received both paid holidays and paid vacation in 2015. How many days? On average, workers received 8 paid holidays. After a year on the job they received 10 paid vacation days. After 10 years, the number of days increased to 17.
- Sixty-one percent of workers were offered paid sick leave.
- Nineteen percent of the lowest-earning workers (bottom 10 percent) received both paid vacation and paid sick leave, compared to 84 percent of the highest-earning workers (top 10 percent).
What types of financial benefits are provided in private industry?
- Thirty-nine percent of workers received a nonproduction bonus such as an end-of-year bonus or cash profit sharing in 2015.
- Nearly one in four workers had access to a Health Savings Account.
- Eight percent of workers were offered stock options.