employee benefits
DESCRIPTION
Employee Benefits. What are they? What do they ‘cost’?. LEGALLY MANDATED. Social Security & Medicare Unemployment (state & federal) Workers Compensation. “FRINGE” BENEFITS. Paid vacation Paid leave Insurance Life – Health - Dental Pension / Profit Sharing Bonuses Other???. - PowerPoint PPT PresentationTRANSCRIPT
Employee Benefits
What are they?What do they ‘cost’?
LEGALLY MANDATED
• Social Security & Medicare
• Unemployment (state & federal)• Workers Compensation
“FRINGE” BENEFITS
• Paid vacation• Paid leave• Insurance
Life – Health - Dental• Pension / Profit Sharing• Bonuses• Other???
Other
• Clothing• Apartment• Auto• Cell phone• Association membership• Continuing education• ???
Cost of benefits
FICA
• Social Security 6.2% (up to $97,500 in 2007)
• Medicare1.45% (unlimited in 2006)
Employer match costs 7.65% of payroll
State
• Unemployment (federal & state)• Disability• Workforce Development (NJ)
• 2-6% of payroll
• New in 2009 (NJ) Family Leave
NJ Family Leave
• For 20090.09% employee (& employer match)1st $28,900 of income
• Moves to 0.12% in 2010
Benefits
• Health insurance$200 - $1,000 / month
• Life Insurance$250+ annually
• Pension / profit sharing2-3% and up
Total cost? 30-40% per employee
List of Common ‘Benefits’ – 2005
• Paid vacation 93%• Health insurance 88%• Paid sick leave 78%• Bonus 65%• Pension plan / 401K 66%• Dental insurance 37%• Company car 28%• Tuition reimbursement 26%• Other 19%
NFDA 2005 survey
• Paid vacation 89%• Health insurance 82.1%• Paid sick leave 68.2%• Paid holidays 71.2%• Reimburse for non-covered 16.3%• Retirement plan 59%• Dental/vision care 35.6%• Con Ed reimburse 37.8%• Tuition reimbursement 11.7%
Minimum wage
• NJ / PA / DE $7.25
States with current higher minimum :CA, CT, MA, MI, OR, RI, VT, WA (& DC)
Citrin Cooperman - 2008Overall results (NJ/NY/PA/CT)
• Experienced licensees $69,300(15+ years)
• Newly licensed $35,500
• Experienced intern $29,700
Citrin Cooperman data (NJ only)
• Experienced licensees $77 – 80,000(15+ years)
• Newly licensed $46,100
• Experienced intern $30,700
Citrin Cooperman survey
• 76% NJ fh do fewer than 150 calls/yr
• 26% have 3 or more licensees
• 71% operate 1 location only
See Citrin Cooperman ppt
Salaries
• Starting FS = starting teacher??
NJ teachers
• Average starting salary ‘09-’10$46,396
• Range: $38,000 - $57,289
• Westfield – highest• Every county has at least 1 school district w/
an average at least $50K• ‘08-09 NJ had highest ave. starting in USA
2008-09 NJ Teachers’ Survey
Average$64,555
13 years experience
MCCC student expectations2010 Average starting
FT $48,283
PT $46,500
2010 (average hourly)wages
• 3rd Year FT $13.45(1 not paid)
• PT $14.76(5 – no FS job or did not report wages)
Central tendency - 2010
• Average $47,751• Median $45,000• Mode $40,000• Range $30,000 - $75,000
MCCC student expectations2009 Averages
FT $52,541
PT $47,450
Prep $47,500
2009 Student survey
• Expected Ave. starting $52,541
–RANGE $35,000 – 100,000–MEDIAN $50,000–MODE $40,000
2009 (average hourly)wages
• 3rd Year FT $13.90(3 not paid; 2 paid / job)
• PT $11.74(5 of 13 – no FS job)
• Prep $10.89