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Employee Benefits

Employee Benefits. What are they? What do they ‘cost’?. LEGALLY MANDATED. Social Security & Medicare Unemployment (state & federal) Workers Compensation. “FRINGE” BENEFITS. Paid vacation Paid leave Insurance Life – Health - Dental Pension / Profit Sharing Bonuses Other???.

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Employee Benefits

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  1. Employee Benefits What are they? What do they ‘cost’?

  2. LEGALLY MANDATED • Social Security & Medicare • Unemployment (state & federal) • Workers Compensation

  3. “FRINGE” BENEFITS • Paid vacation • Paid leave • Insurance Life – Health - Dental • Pension / Profit Sharing • Bonuses • Other???

  4. Other • Clothing • Apartment • Auto • Cell phone • Association membership • Continuing education • ???

  5. Cost of benefits FICA • Social Security 6.2% (up to $97,500 in 2007) • Medicare 1.45% (unlimited in 2006) Employer match costs 7.65% of payroll

  6. State • Unemployment (federal & state) • Disability • Workforce Development (NJ) • 2-6% of payroll • New in 2009 (NJ) Family Leave

  7. NJ Family Leave • For 2009 0.09% employee (& employer match) 1st $28,900 of income • Moves to 0.12% in 2010

  8. Benefits • Health insurance $200 - $1,000 / month • Life Insurance $250+ annually • Pension / profit sharing 2-3% and up Total cost? 30-40% per employee

  9. List of Common ‘Benefits’ – 2005 • Paid vacation 93% • Health insurance 88% • Paid sick leave 78% • Bonus 65% • Pension plan / 401K 66% • Dental insurance 37% • Company car 28% • Tuition reimbursement 26% • Other 19%

  10. NFDA 2005 survey • Paid vacation 89% • Health insurance 82.1% • Paid sick leave 68.2% • Paid holidays 71.2% • Reimburse for non-covered 16.3% • Retirement plan 59% • Dental/vision care 35.6% • Con Ed reimburse 37.8% • Tuition reimbursement 11.7%

  11. Minimum wage • NJ / PA / DE $7.25 States with current higher minimum :CA, CT, MA, MI, OR, RI, VT, WA (& DC)

  12. US minimum wages • http://www.dol.gov.esa/

  13. Citrin Cooperman - 2008Overall results (NJ/NY/PA/CT) • Experienced licensees $69,300 (15+ years) • Newly licensed $35,500 • Experienced intern $29,700

  14. Citrin Cooperman data (NJ only) • Experienced licensees $77 – 80,000 (15+ years) • Newly licensed $46,100 • Experienced intern $30,700

  15. Citrin Cooperman survey • 76% NJ fh do fewer than 150 calls/yr • 26% have 3 or more licensees • 71% operate 1 location only See Citrin Cooperman ppt

  16. Salaries • Starting FS = starting teacher??

  17. NJ teachers • Average starting salary ‘09-’10 $46,396 • Range: $38,000 - $57,289 • Westfield – highest • Every county has at least 1 school district w/ an average at least $50K • ‘08-09 NJ had highest ave. starting in USA

  18. 2008-09 NJ Teachers’ Survey Average $64,555 13 years experience

  19. MCCC student expectations2010 Average starting FT $48,283 PT $46,500

  20. 2010 (average hourly)wages • 3rd Year FT $13.45 (1 not paid) • PT $14.76 (5 – no FS job or did not report wages)

  21. Central tendency - 2010 • Average $47,751 • Median $45,000 • Mode $40,000 • Range $30,000 - $75,000

  22. MCCC student expectations2009 Averages FT $52,541 PT $47,450 Prep $47,500

  23. 2009 Student survey • Expected Ave. starting $52,541 • RANGE $35,000 – 100,000 • MEDIAN $50,000 • MODE $40,000

  24. 2009 (average hourly)wages • 3rd Year FT $13.90 (3 not paid; 2 paid / job) • PT $11.74 (5 of 13 – no FS job) • Prep $10.89

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