PROVIDENCE – Employer costs for employee compensation in March were higher in New England than any other geographic region in the country, according to data from the federal Bureau of Labor Statistics released this week.
In New England, employer compensation costs for employees totaled $39.26 an hour. Wages and salaries accounted for 70.8 percent of total compensation costs (or $27.81 per hour), while benefits accounted for 29.2 percent of costs (or $11.45 per hour).
Within the nine geographic divisions, private industry total compensation costs in March were lowest in the East South Central division at $25.12 per hour.
The national average for employer costs for employee compensation was $32.06 per hour, with wages and salaries costing $22.33 per hour and benefits $9.73 per hour.
Total benefits costs to employers within the New England division were comprised, primarily, of the following categories: insurance (including life, health, short-, and long-term disability insurance), $3.20 per hour worked; legally required benefits (including Social Security and Medicare), $2.89 per hour; and paid leave (including vacation, holiday, sick and personal leave categories), at $2.81 per hour. Retirement and savings added another $1.49 per hour to the total benefits cost in New England.
Employer costs were higher in the Northeast than elsewhere in the United States, according to the Bureau of Labor Statistics. New England comprises the Northeast region along with the Middle Atlantic division. In the Northeast division, employer costs totaled $39.06 an hour. Among the four main regions, the lowest costs were in the Midwest at $29.40 per hour.
