Printer Friendly

RISING COST OF BENEFITS CONTINUES TO OUTPACE SALARY HIKES, ACCORDING TO SURVEY

 WASHINGTON, Jan. 5 /PRNewswire/ -- Increases in employee benefits costs continued to outpace increases in salaries in 1992 even as employers put the lid on their health care costs, according to the latest U.S. Chamber of Commerce survey of employee benefits.
 "The most significant result of the survey," according to Martin Lefkowitz, the economist who conducted it, "was that in 1992 the average employer's share of medical and medically related costs per employee remained virtually unchanged at 10.3 percent of payroll, while the total cost was up 1 percent, from $3,465 to $3,504. The increase was due to rising retiree health benefits. As a result, employees had to pay 9 percent more in 1992 for health care coverage, in addition to increased deductibles in many firms."
 Total benefit costs per full-time equivalent employee rose from 39.2 percent of payroll -- $13,126 -- in 1991 to 40.2 percent of payroll -- $13,631 -- in 1992.
 Industry benefit costs varied widely, from slightly more than 30 percent for retailers, banks and apparel manufacturers to more than 40 percent for primary and fabricated metals, machinery, transportation and rubber industries.
 While health and life insurance programs are almost universal, there were fewer companies paying these benefits in 1992 than in the previous year. Health insurance participation dropped from 98 to 97 percent, while life insurance participation was down from 90 to 87 percent.
 Benefits were more standardized nationally in 1992 with variation between regions of only 2.0 percent of payroll. In 1989, the regional variation was 3.8 percent.
 The survey, which has been conducted continuously for more than 40 years, is also available as an easy-to-follow self-contained computer program that allows companies to compare their benefits with those of the more than 1,100 firms that participated in the survey.
 The program lets a firm compare its benefits with all companies as well as other companies in the same industry, sector, region or size.
 -0- 1/5/94
 /NOTE TO EDITORS: Media copies of the survey are available from media relations./
 /CONTACT: Thomas Love of the U.S. Chamber of Commerce, 202-463-5682/


CO: U.S. Chamber of Commerce ST: District of Columbia IN: SU:

DC-KW -- DC012 -- 9343 01/05/94 12:30 EST
COPYRIGHT 1994 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1994 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 5, 1994
Words:374
Previous Article:L.A. T SPORTSWEAR, INC. FILES REGISTRATION STATEMENT
Next Article:CHRYSLER'S PATRIOT HYBRID WILL USE RACING AS TEST BED

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters