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Morton S. Winer, CPA
9933 North Lawler Avenue, Suite 410
Skokie, IL 60077
Phone: 847-676-8900
Website: www.msw-cpa.com
Employment costs rise
The Department of Labor’s Bureau of Labor Statistics reports that civilian workers’ compensation rose 2.5% for the year ending September 2017. Wages and salaries cost private employers an extra 2.6%, while benefit costs rose 2.4%. Employers typically pass their increased expenses on to consumers or clients through price hikes.
Businesses with fewer than 500 employees created 62% of new jobs since the Great Recession, or 8.3 million of the net new private sector jobs. This news is courtesy of the U.S. Small Business Administration’s Office of Advocacy. During the past two decades, existing businesses of all sizes created almost nine out of 10 new jobs, or 87%.
As healthcare costs continue to rise, it is no surprise that four out of every 10 retirees experience higher costs than they originally anticipated. According to the financial services industry organization LIMRA and its Secure Retirement Institute, about a quarter experienced higher-than-expected basic living expenses, of which healthcare is a part.
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