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US Workers Compensation Costs Increase 3.8 Percent in 2024 but Lag Previous Year Rise
Wages and salaries increase 3.8 percent during the year but misses previous year’s 4.3 percent expansion
A new report says compensation costs for civilian workers in the U.S. (current dollar) increased 3.8 percent in 2024, but the growth rate was down from 4.2 percent in 2023.
However, the increase in inflation-adjusted (constant dollar) compensation costs was 0.8 percent for 12 months ending December 2024, compared to 0.9 percent in 2023, according to the report released by the Bureau of Labor Statistics.
For the quarter ending December 2024, the increase in compensation costs was 0.9 percent. For the quarter ended September 2024, the increase was 0.8 percent.
Wages and salaries also tracked compensation to grow by 3.8 percent for 12 months ended December 2024, missing the year earlier increase of 4.3 percent for the year ended December 2023.
The jump in benefit costs in 2024 was 3.6 percent, compared to 3.8 percent in 2023. For the quarter ended December, benefit costs increased 0.8 percent.
For private industry workers, compensation costs perked up 3.6 percent over the year while the increase in 2023 was 4.1 percent. Their wages and salaries went up by 3.7 percent in December 2024 missing the previous year’s 4.3 percent increase.
Private industry workers
Private industry workers’ cost of benefits rose 3.3 percent during last year lagging the previous year’s 3.6 percent increase.
Within private industry by bargaining status, compensation costs increased 5.1 percent for union workers and 3.4 percent for non-union workers for the 12-month period ending in December 2024. On the other hand, wages and salaries increased 5.5 percent for union workers and 3.5 percent for non-union workers for the 12-month period ending in December 2024. Benefit costs, meanwhile, increased 4.6 percent for union workers and 3.1 percent for non-union workers for the period ending in December 2024.
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