Labor Day is a small but meaningful way to acknowledge the immeasurable contributions of the American workforce. The ideas, talents, work ethic, and sheer industry of our nation's workers power our economy, drive innovation, and help keep America the land of opportunity. So U.S. employers are committed to ensuring that employees are fulfilled in their work, earn competitive wages, can provide for their families, and have the resources and support to lead healthy and comfortable lives--all 365 days a year.Last year, U.S. private- and public-sector employers spent roughly $9.3 trillion on total compensation, including approximately $7.5 trillion on direct wages and salaries and $1.8 trillion on employee benefits. In 2013, some 149 million Americans received employer-sponsored health insurance from the private sector. Employees received an average of $11,204 in health care benefits last year. And among employers of 500 or more that provided workplace wellness programs, 56% offered financial incentives to encourage employees to lead healthier lifestyles.
Businesses help workers save and plan for the future. Private employers spent $222.5 billion on retirement income benefits in 2014, including popular defined contribution plans and profit-sharing structures. Life insurance is also offered to more than half of all employees in private industry, enabling them to protect their families in the event of tragedy.
Many employees also receive benefits that help them pursue outside interests and advance their education. More than three-fourths of employees, including part-time workers, receive paid vacation. And in 2015, according to a survey of human resources professionals, 56% of employers have made undergraduate educational assistance available, and 52% have helped employees pay for graduate school.
The strong relationship between the business community and the workforce is built on trust, support, and mutual benefit. It is overwhelmingly achieved without the involvement of intermediaries, such as organized labor--which is evident by the dramatic decline in private-sector unionization. Above all, it is made possible because of our free enterprise system.
When businesses have the ability to compete, grow, and succeed, the benefits are shared broadly--jobs are created, incomes rise, and opportunities expand. We've seen the alternative top-down, big government approach, and all it has delivered is the weakest economic recovery since World War II, a sharp decline in new business creation, and millions of Americans who are unemployed, underemployed, or have given up looking for work.
The best way we can honor American workers is to support a robust free enterprise system that lifts the economy for everyone.