By Kimberley Donoghue PBN Web Editor Twitter: @kydonoghue
BOSTON – Total employee compensation costs in March were highest in New England, at $33.56 per hour, according to private industry data released by the U.S. Bureau of Labor Statistics Monday.
While New England was the most costly of the nation’s nine geographic areas, East South Central was the least costly, at $22.65 per hour, according to the data on Employer Costs for Employee Compensation based on the National Compensation Survey.
The survey, which measures employer costs for wages, salaries and employee benefits, said that overall, private industry employers averaged $28.10 per hour in the U.S. for March.
In New England, $23.64, or 70.5 percent of the total hourly compensation costs, was spent on wages and salaries, while $9.91, or 29.5 percent, went toward employee benefits. Comparatively, the U.S. average was split 70.7 percent toward wages and salaries and 29.3 percent toward benefits.
The highest-cost benefits were health insurance, $2.48 per hour, and Social Security and Medicare, at $1.97, while the federal unemployment insurance was 3 cents per hour.
When comparing the four U.S. regions - the nine divisions are components of the regions - the Northeast, which includes New Jersey, New York, and Pennsylvania as well as New England, had the highest average compensation costs at $32.16, while the South had the lowest at $24.93.
Join PBN and two panels of successful female executives, business owners and entrepreneurs as we delve into what women should do to advance their careers, and become leaders in the corporate world and their own enterprises.
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.