South Floridian employers saw a bigger increase in employee compensation costs for the year ended June 30 than employers across the nation, according to the U.S. Department of Labor’s Bureau of Labor Statistics.
Total compensation costs – which includes wages and salaries and other employee benefits – rose 2.5 percent in South Florida, compared to a 2.4 percent increase across the nation. Last year, South Florida employers saw a slightly bigger uptick in total compensation costs of 2.6 percent.
The good news for South Florida employees, however, is that wages and salaries, which is the largest part of total compensation, increased at 2.9 percent for the year ended June 30. That’s a bigger increase than the 2.6 percent wage and salary increase across the nation.
BLS analyzed available data for 15 metro areas across the U.S., including five metros in the South. Miami topped total compensation cost growth in the South.