Worcester-Boston employee compensation costs rising at slower rate than rest of nation
Image | Courtesy of TMS Aerial Solutions
The Worcester skyline
Compensation costs for private industry workers are on the rise in the large metropolitan area including Worcester, but at a rate that is slower than much of the rest of the nation.
Compensation costs rose 3.1% in the Boston-Worcester-Providence, MA-RI-NH-CT Combined Statistical Area in 2023, according to data released by the U.S. Bureau of Labor Statistics.
Last year’s increase is smaller than the 5.5% increase seen in 2022, according to BLS.
This figure was the second smallest gain seen in the 15 major metropolitan areas tracked by the BLS. The San Jose-San Francisco-Oakland area saw the smallest increase, at 2.7%, while the Miami-Fort Lauderdale-Port St. Lucie area saw the highest increase, at 5.5%.
Nationwide, compensation costs rose 4.1% during 2023.
Wages and salaries, the largest component of employee compensation costs, increased 3.4% in the region during 2023, lower than the national average of 4.3%.
Locality compensation costs are kept as part of the bureau’s national Employment Cost Index, which measures quarterly changes in compensation costs, including wages and salaries and employer costs for employee benefits.
WBJ Web Partners
Most Recent
Most Recent
0 Comments