Health care, retirement payments and paid time are devouring payroll budgets, a study says.
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Benefits Headache: As if they
didn’t know already, the U.S. Chamber of Commerce has some sobering news for HR
directors: The cost of providing employee benefits is soaring and not expected
to slacken anytime soon. Employee benefit costs rose 4 percent during 2006,
consuming nearly half of all payroll expenses (44 percent), according to a
Chamber of Commerce study involving about 400 U.S. companies. Nearly 15 percent
was eaten up by medical insurance, and almost 9 percent by retirement
obligations. Containing benefit costs is one of several
major challenges ahead for HR
leaders.
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