Wednesday, February 17, 2010

Paid Leave Important Component of Total Compensation

Stay-at-home-vacations, or staycations, have become a part of the lexicon of the current recession...Reading the newspaper travel section in a bathrobe, rather than actually traveling, is just plain cost effective. However the time is spent, paid leave is an important benefit for most workers, and a cost to employers.

Workers today are compensated through a mixture of wages and benefits. National estimates show total compensation averaged $27.49 per hour in September 2009. Workers’ wages averaged $19.45 per hour, and accounted for about 71 percent of total compensation; paid leave averaged about 7 percent of total compensation.

Average compensation can vary significantly due to differences in firm size, occupation, and hours worked. The employer's cost for paid leave also varies.

Vacation, sick leave, and personal leave are examples of benefits an employer may provide. But not all workers have access to paid leave. An employer may provide any combination of paid leave to their workers, or none at all.

Get all the details in the full article, written by analyst Jason Payton, our resident funnyman and pop culture trivia expert.

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