U.S. Employee Benefits | Accenture (2024)

FAQs

What are the employee benefits in the United States? ›

Legally required employee benefits in the U.S. Federally-mandated benefits in the U.S. include Social Security, Medicare, unemployment insurance, and workers' compensation. Other statutory benefits, such as family leave, medical leave, and health insurance, only apply to qualifying employers.

Cisco. Claiming the top spot in Fortune's 100 Best Companies to Work For 2021, Cisco boasts a generous PTO policy, job swapping program and on-site health and fitness centers to make sure its employees are happy and healthy.

Based on 2023 data from the U.S. Bureau of Labor Statistics (BLS), the average cost of employee benefits account for 29.4% of the average cost per private industry employee, or $12.06 per hour, per employee. The remaining 70.6%, or $28.97, goes toward wages, for a total cost of $41.03 per hour.

Financial and retirement benefits include 401(k) plans, pension plans, employee stock ownership plans, profit-sharing plans and financial planning assistance. Time-off and leave benefits include vacation days, sick days, paid holidays, parental leave and extended leave.

The benefits package for federal employees includes medical, vision, and dental insurance, FSA accounts, life insurance, paid leave, and the Thrift Savings Plan (the government version of a 401K) with up to five percent matching.

The federal government offers generous vacation, sick leave and holiday policies. Federal employees start with 13 paid vacation days a year, and the number of days increases with length of service.

Overall, the federal government is the largest employer in the US. As of September 2023, approximately 2.95 million individuals were part of the US Federal workforce.

Health benefits, dental insurance, and paid time off are the three most sought-after benefits by employees.

Health Insurance: This tends to be the most expensive for both employers and employees to pay for. In 2021, KFF found that to cover a family the average was over $16,000 and for an individual employee it was over $6,000.

Which US employees do not receive social security benefits? ›

While the BLS data is subject to change, a good rule of thumb for employers is that an employee's benefits cost anywhere from 20-40% of their salary. Small, private organizations are likely to pay less, while large, public companies typically pay more.

This includes, but isn't limited to, health insurance, retirement plans, paid time off, bonuses, stock options, and other perks like flexible working hours or tuition reimbursem*nt.

In terms of employment, compensation, and pay scale, the UK is more fortunate than the US. You can find more employment options, higher pay, and a wider range of wages in the UK. There are fewer jobs, lower salaries, and fewer people who make more than $35,000 in the US.

Uber, Microsoft, Meta top the list of companies with the best perks | Employee Benefit News.

Medicare and social security, unemployment insurance, workers' compensation, health insurance, and family and medical leave are all benefits that the federal government requires businesses to provide.