The cost of employee benefits accounted for 40.2 percent of payroll expenses in 2004, according to a study released by the U.S. Chamber of Commerce. The chamber has found that benefit costs, as a percentage of payroll costs, have increased on average close to 1 percent each year since 2000.
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Download NowThe study, which included responses from 720 U.S. companies, found that retirement and savings-plan costs saw the sharpest increase, rising from 6.7 percent to 8 percent of payroll expenses from 2003 to 2004.
Health-related expenses continue to account for the greatest share of employee benefit costs (11.9 percent). Paid holidays and paid time off accounted 10.5 percent of payroll expenditures.
Among the companies in the study, employees received an average of $20,158 in benefits in 2005, up from $18,358 in 2004, accoridng to the study.
You can learn more about the study on the chamber's website.