Friday, April 22, 2016

Private employer costs higher in New England, but health costs are less of the total

 According to the US Bureau of Labor Statistics, New England employers paid the highest total compensation per worker in December 2015 averaging $38.14/hour, well above the US average of $31.70. Health insurance and other benefit costs were also high in New England but not as a percent of total compensation. At $2.93/hour health insurance was the most costly benefit for New England employers, compared to $2.40/hour nationally. However health insurance comprised 7.7% of total compensation in New England. In comparison, health insurance comprised 8.5% of total compensation in West South Central states (AR, LA, OK and TX), 8.3% in West North Central states (IA, KS, MN, MO, NE, SD and ND) and 8.2% in East South Central states (AL, KY, MS and TN). Life and disability benefits cost New England employers 19 cents/hour compared to 15 cents/hour nationally.