New England has the second highest employee compensation costs in the nation, according to the latest statistics from the U.S. Bureau of Labor Statistics.
Total compensation costs among private industry employers in New England averaged $39.27 per hour worked in Dec. 2016, second only to the Mid-Atlantic region, which averaged $40.98, the federal labor bureau reports.
Wages and salaries accounted for 70.3 percent of total compensation costs (or $27.61 per hour), while benefits accounted for 29.7 percent of costs (or $11.66 per hour).
By comparison, the national compensation costs averaged $32.76 per hour worked for the same time period.
Regionally, the lowest costs were $25.40 per hour in the East South Central division.
Total benefits costs to employers within the New England were comprised, primarily, of three categories: insurance (which included life, health, short-, and long-term disability insurance) $3.23 per hour worked, legally required benefits (which included Social Security and Medicare) $2.89 per hour and paid leave (which included vacation, holiday, sick and personal leave categories) at $2.90 per hour. Retirement and savings added another $1.54 per hour to the total benefits cost in New England
