Compensation Costs for Private Industry at $28.80/hour; Public Sector at $41.10
BLS reports that wages and salaries in private industry averaged $20.27 per hour worked and accounted for 70.4 percent of the costs, while benefits averaged $8.52 and accounted for the remaining 29.6 percent. In June 2012, average costs in private industry for retirement and savings benefits were $1.02 per hour worked, or 3.5 percent of total compensation. Private industry retirement and savings benefit costs for management, professional, and related occupations were $2.07 per hour, or 4.0 percent of total compensation in June 2012. Costs were lowest among service occupations, 22 cents or 1.6 percent of total compensation. Included in retirement and savings benefit costs were employer costs for defined benefit and defined contribution plans. Employer costs for retirement and savings plans are affected by several factors, including the percentage of employees that participate in the plans offered by their employer.