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The U.S. Department of Labor's Bureau of Labor Statistics recently released a report highlighting trends in employee benefits from their National Compensation Survey, covering over 146 million civilian workers. Here are some of the key findings.
Medical Care Benefits for Civilian Workers
The survey reveals that as of March 2024, 89% of full-time civilian workers and 26% of part-time workers had access to employer-provided healthcare benefits. The take-up rates were 66% for full-time and 46% for part-time workers. In private industry, employers covered 80% of premiums for single coverage and 68% for family coverage, with employees covering the rest. State and local government workers enjoyed 86% employer coverage for single plans and 71% for family plans.
Wages for Civilian Workers
The median hourly wage is $25 for civilian workers, $24 for private industry, and $33.16 for state and local government. Employers are expected to raise wages to combat inflation and stay competitive.
Benefits for Private Industry Workers
Over 126 million civilian workers in the private sector were surveyed for their access to employee benefits as of March 2024. Key findings include: 72% had medical and retirement benefits, 43% had dental, 28% had vision, 79% had paid sick leave, 81% had paid holidays, and 49% had paid personal leave.
Vacation days also varied by organization size: small organizations offered 10 days after one year, increasing to 17 days after 20 years, while large organizations offered 14 days after one year, increasing to 24 days after 20 years.
Benefits for State and Local Government Workers
Nearly 20 million state and local government workers were surveyed for access to benefits as of March 2024: 89% had medical care, 60% dental, 39% vision, 92% retirement, 92% paid sick leave, 68% paid holidays, and 62% paid personal leave.
Conclusion
To effectively strategize, organizations should stay informed about current benefits trends. By monitoring these trends, employers can offer meaningful benefits that enhance employee health and happiness. Download the bulletin for more details.
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