Retirement and savings benefit costs for employers in private industry, June 2011
September 13, 2011
In June 2011, average costs in private industry for retirement and savings benefits—which include defined benefit and defined contribution plans—were $1.03 per hour worked, or 3.7 percent of total compensation.
Employer costs for retirement and savings benefits varied by occupational group. Costs were highest among management, professional, and related occupations, at $2.08 per hour (4.1 percent of total compensation) in June 2011. Costs were lowest among service occupations, at 22 cents per hour (1.6 percent of total compensation).
Retirement and savings benefits costs were higher, both in amount and as a proportion of total compensation, for union workers ($2.92 and 7.7 percent of total compensation) than for nonunion workers (83 cents and 3.1 percent of total compensation).
Costs for retirement and savings benefits were also higher in goods-producing industries ($1.70 and 5.1 percent of total compensation) than in service-providing industries (89 cents and 3.3 percent of total compensation).
Bureau of Labor Statistics, U.S. Department of Labor, The Economics Daily, Retirement and savings benefit costs for employers in private industry, June 2011 on the Internet at https://www.bls.gov/opub/ted/2011/ted_20110913.htm (visited June 01, 2020).
Recent editions of Spotlight on Statistics
- Meal Appeal: Patterns of Expenditures on Food away from Home
Examines spending on food away from home, such as meals or snacks from restaurants, vending machines, employer cafeterias, or other venues.
- Job Flexibilities and Work Schedules in 2017–18
Examines data on job flexibilities, such as working at home, flexible schedules, and shift work.
- Labor Market Activity of Blacks in the United States
Examines data on the labor market and related topics for the Black or African American population.
- Workers’ Access to and Use of Leave from Their Jobs in 2017–18
Examines the reasons for which workers can take leave, their use of leave, and the reasons they did not take available leave even when they needed to.