In December, it cost private industry $2.49 per hour worked to offer Social Security, retirement and savings benefits to employees, according to the U.S. Bureau of Labor Statistics.
Social Security accounted for $1.39 per hour, or 4.7 percent of total compensation, while retirement and savings benefits accounted for $1.10 per hour, or 3.7 percent of compensation.
Private industry employers spent an average of $29.63 per hour worked for total employee compensation in December, according to BLS. Wages and salaries averaged $20.76 per hour worked and accounted for 70.1 percent of these costs, while benefits averaged $8.87 and accounted for the remaining 29.9 percent.
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