Private employers spent 3.5 percent of total compensation to employees for their retirement and savings benefit costs in June, according to the U.S. Bureau of Labor Statistics.
Average costs for retirement and savings benefits were $1.02 per hour worked. For management, professional and related occupations, the average costs were $2.07 per hour, or 4 percent of total compensation. Costs were lowest among service occupations, 22 cents or 1.6 percent of total compensation.
The average costs cited in this report include employer costs for defined benefit and defined contribution plans. The numbers are affected by the percentage of employees who participate in the plans offered.
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