How Do Your Benefits Compare Nationally?
September 10, 2007
by Employment & Labor Law / Employee Benefits Group
Stinson Morrison Hecker LLP
Copyright © 2007
A majority of workers in the private industry have access to medical plans, life insurance, and retirement plans, and also receive paid vacations, paid holidays, and paid jury duty, according to an August 22, 2007 report by the Bureau of Labor Statistics.
Medical Plans – Seventy-one percent of workers in the private sector had access to medical plans, and 52 percent participated in such plans in March 2007 (including 64 percent of full-time and 12 percent of part-time workers).
Employee Contributions – “Most employees covered by medical care plans were in plans requiring employee contributions for both single and family coverage.” On average, employees paid 23 percent of the medical care premium for single coverage ($81.37 per month) and 33 percent of the premium for family coverage ($312.78 per month).
Retirement Plans – One-third of large establishments (100 workers or more) offered a defined benefit plan to their employees, compared to only 10 percent of small establishments (fewer than 100 workers). “Eighty-two percent of larger employers offered defined contribution plans, such as 401(k) plans, compared to 42 percent of their smaller counterparts.”
Life and Disability – “Fifty-eight percent of workers had access to life insurance, and nearly as many, 56 percent, participated. Short- and long-term disability benefits were available to 39 and 31 percent of workers retrospectively. If offered, nearly all workers participated.”
Paid Holidays, Jury Duty and Funeral Leave – Paid holidays were available to 77 percent of employees, and workers on average were eligible for eight paid holidays per year. Paid jury duty and paid funeral leave were also common, available to 71 and 69 percent of workers, respectively.
Vacations – Paid vacations were available to 77 percent of employees. Workers on average received 8.9 days of paid vacation after 1 year, 11.0 days after 3 years, 13.5 days after 5 years, 16.1 days after 10 years, 17.7 days after 15 years, 18.5 days after 20 years, and 19.1 days after 25 years.
Bottom Line – This national compensation survey, which also breaks down benefits by geographical areas, union and nonunion workers, and white-collar, blue collar, and service occupations, is a useful tool for employers in assessing their own benefit programs.
Stinson Morrison Hecker LLP is one of the country's largest law firms with more than 360 attorneys in more than 45-industry-focused areas. If you would like more information regarding this summary, please contact one of our Employment & Labor Law and Employee Benefits attorneys.
Law at Work is designed to give general information and is not intended to be a comprehensive summary or to treat exhaustively the subjects and matters covered. The information appearing herein does not constitute legal advice or opinions. Such advice and opinions are provided only upon engagement with respect to specific factual situations. Nothing contained herein shall be considered as an admission in any matter or controversy.
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