GITNUX MARKETDATA REPORT 2024

Statistics About The Average Employee Benefits Cost

The average employee benefits cost typically amounts to around 30% of an employee's total compensation package.

With sources from: payscale.com, shrm.org, guardianlife.com, kff.org and many more

Statistic 1

Employees contribute an average of $1,242 per year for single-coverage health insurance.

Statistic 2

In 2019 average hourly compensation was $11.63 for wages, and $3.57 for benefits.

Statistic 3

Employers on average contribute 82% of the health insurance premiums for single coverage.

Statistic 4

The average annual premiums for employer-sponsored health insurance in 2019 were $7,188 for single coverage and $20,576 for family coverage.

Statistic 5

The average cost of employee benefits as a percentage of payroll is 31.7%.

Statistic 6

On average, the mandatory benefits’ cost is equivalent to 7.6% of pay.

Statistic 7

The average cost of voluntary benefits (retirement and savings, health insurance) is equivalent to 13.5% of pay.

Statistic 8

Large employers spent an average of $15,545 per employee on health benefits in 2020.

Statistic 9

About 3 in 10 (29%) businesses have increased benefits offerings to retain employees over the last year.

Statistic 10

Only around 30% of workers are very confident they have the resources to handle the cost of benefits.

Statistic 11

On average, organizations spend 41 cents for benefits for every dollar of payroll.

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In this post, we will explore various statistics related to employee benefits costs. These statistics shed light on the financial contributions of employees, employers, and the overall landscape of benefits expenditure. Covering aspects such as health insurance premiums, average costs, and the evolving trends in benefits offerings, these insights offer a comprehensive view of the financial dynamics surrounding employee benefits. Let’s dive into the numbers and unveil the realities of employee benefits costs.

Statistic 1

"Employees contribute an average of $1,242 per year for single-coverage health insurance."

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Statistic 2

"In 2019 average hourly compensation was $11.63 for wages, and $3.57 for benefits."

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Statistic 3

"Employers on average contribute 82% of the health insurance premiums for single coverage."

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Statistic 4

"The average annual premiums for employer-sponsored health insurance in 2019 were $7,188 for single coverage and $20,576 for family coverage."

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Statistic 5

"The average cost of employee benefits as a percentage of payroll is 31.7%."

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Statistic 6

"On average, the mandatory benefits’ cost is equivalent to 7.6% of pay."

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Statistic 7

"The average cost of voluntary benefits (retirement and savings, health insurance) is equivalent to 13.5% of pay."

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Statistic 8

"Large employers spent an average of $15,545 per employee on health benefits in 2020."

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Statistic 9

"About 3 in 10 (29%) businesses have increased benefits offerings to retain employees over the last year."

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Statistic 10

"Only around 30% of workers are very confident they have the resources to handle the cost of benefits."

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Statistic 11

"On average, organizations spend 41 cents for benefits for every dollar of payroll."

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Interpretation

In conclusion, the statistics presented underscore the significant financial impact of employee benefits on both employers and employees. Employers bear a substantial portion of the cost, contributing an average of 82% of health insurance premiums for single coverage and spending thousands of dollars per employee on health benefits annually. Employee contributions, such as the average of $1,242 per year for single-coverage health insurance, also play a role in overall benefit costs. The data show that benefits account for a significant proportion of total payroll, with the average cost of employee benefits representing 31.7% of payroll. These findings indicate the importance of carefully managing and evaluating benefit offerings to ensure both employer and employee needs are met.

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