Fresh labour compensation data was published today by the BLS.
Total compensation jumped 0.6%, which was a bit better than expected. But your actual wages just grew 0.4%. A 1.1% surge in benefits costs, however, dwarfed take-home pay. (Bear in mind, that benefits are just 30% of total compensation, which is why both can grow).
In the end, it’s all the same to your employer, but it means less choice, and less spending ability to you, when benefits inflation (healthcare) continues to eat into your pay.
And it’s been like this for a long time.
Here’s benefits (blue) vs. wages (red) since 2001.
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