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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.

Retirement and savings benefit costs for private industry employers, by occupation, bargaining unit status, and industry, June 2010
[Chart data]

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.

These data are from the Compensation Cost Trends program. To learn more, see "Employer Costs for Employee Compensation — June 2010" (HTML) (PDF), news release USDL-10-1241.

SUGGESTED CITATION

Bureau of Labor Statistics, U.S. Department of Labor, The Editor's Desk, 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 April 24, 2014).

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