New England Ranks Second In Employee Compensation
The Boston-Worcester-Manchester, N.H. metropolitan area is the second-most expensive place to hire a worker in the country behind the Bay Area in California, according to new data from the U.S. Bureau of Labor Statistics.
The average cost to employ an American worker is $30.07 an hour. Wages make up about 70 percent of the cost while benefits make up the remaining 30 percent.
The Boston-Worcester-Manchester, N.H. cost to employers is $37.33 per hour, behind only the San Jose- San Francisco-Oakland, Calif. area at $41.42 per hour. New York City was third at $36.12.
Health insurance costs are, on average, about $2.12 per hour, or 7.5 percent of compensation. That has increased from being $1.16 per hour, or 5.6 percent of compensation in 2001. The Northeast has the highest health insurance costs in the country at $2.49 per hour, on average.
The total cost to employ a private-sector worker is $28.10 versus a public-sector worker, which costs $40.54, according to the BLS.
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