The cost of an employee is more than their salary. Hiring an employee often involves paying a portion of their social security, medicare and unemployment taxes. Many companies offer benefits regarding various insurance programs, where the company may pay a portion of the cost, contributions to retirement plans or pensions and other fringe benefits that add to the hiring cost. When looking employee compensation, it is important to consider all of these expenses rather than just the direct salary.
Total Employee Compensation Package
Total Employee Compensation Package
Wages |
Government Benefits |
Insurance Benefits |
Retirement Benefits |
Fringe Benefits |
Total Compensation |
|---|---|---|---|---|---|
| Compensation Category | Amount | Percent |
|---|---|---|
| Wages | ||
| Government Benefits | ||
| Insurance Benefits | ||
| Retirement Benefits | ||
| Fringe Benefits | ||
| Total Compensation |
This calculator is intended for informational purposes only and is considered an estimate. The accuracy of this calculator is not guaranteed by General Electric Credit Union (GECU). The calculator and its results do not constitute the advice of, or reflect actual products, services, rates, and/or terms available. Nothing contained in the calculator shall constitute an offer or solicitation of a product or service by GECU. This calculator is not intended to offer any tax, legal, financial, or investment advice. Please consult with qualified advisors to discuss your specific needs.