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EMPLOYEE BENEFITS 'WORTH' NEARLY $10,000, WYATT STUDY FINDS

 EMPLOYEE BENEFITS 'WORTH' NEARLY $10,000, WYATT STUDY FINDS
 MINNEAPOLIS, Jan. 13 /PRNewswire/ -- If companies decided to terminate all sponsored health, savings and pension plans, employees in the mid-salary range of $35,000 would need to make at least $9,400 more to provide their own benefits package, according to Wyatt COMPARISON, a bi-monthly report from The Wyatt Company's COMPARE data base.
 "Don't underestimate the value of your employer-sponsored benefits," said Peter Miller, director of marketing in Wyatt's Minneapolis/St. Paul office. The value of benefits for an employee making $24,000 is $7,900 and that figure increases to $17,000 for an employee making $75,000. "Pensions are usually based on salary," continued Miller, "which explains why benefits are worth more for employees making a greater salary."
 According to Wyatt's COMPARE data base which presents comparative and analytical benefit plan information representing over 800 companies, it would cost employees in the mid-salary range 13 percent of their salary to provide their own health care.
 The estimated $9,400 from Wyatt COMPARE is only a measurement of the tangible cost of employer-sponsored benefits. What isn't measured is the time and labor employers pour into each plan, to design the benefit package, shop for the best buy, keep the necessary records, make the investment choices, keep up to date on what's available, and so on.
 "Shouldering the financial burden of sponsored benefits is just the tip of the iceberg for companies," explained Miller. "Employers spend a tremendous amount of time and effort in choosing, preparing and administering benefit plans, and putting a price tag on that is almost impossible."
 Wyatt COMPARISON is free to participants in Wyatt's COMPARE data base, and is available for purchase by others.
 The Wyatt Company is an international consulting firm specializing in the areas of human resources, financial management and systems with 3,700 employees in 70 cities.
 INCREASE IN SALARY TO REPLACE TYPICAL 'COMPARE'
 EMPLOYER'S HEALTH AND PENSION BENEFITS
 Salary $24,000 $35,000 $75,000
 Increase required to replace:
 Health benefits, family coverage $4,500 $4,500 $5,000
 Defined contribution plan 1,000 1,400 3,400
 Retirement plan 2,400 3,500 8,600
 Total increase 7,900 9,400 17,000
 Increase as percent 33 27 23
 Total position salary $31,900 $44,400 $92,000
 Calculations derived by the author, assuming 6 percent annual salary increases and 8 percent investment earnings. The annuity purchased at retirement is based on the 1983 Group Annuity Mortality Table with an age adjustment of three years.
 -0- 1/13/92
 /CONTACT: Peter Miller, 612-921-8737, or Elizabeth Leffel, 612-921-8723, both of The Wyatt Company/ CO: The Wyatt Company ST: Minnesota IN: SU:


AL -- MN006 -- 9224 01/13/92 16:35 EST
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Publication:PR Newswire
Date:Jan 13, 1992
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