Fringe Benefit Costs in Food Industries

Toledo Chumley

No 320373, Miscellaneous Publications from United States Department of Agriculture, Economic Research Service

Abstract: Excerpt from the report: During World War II when direct wage increases were not allowed, the War Labor Relations Board permitted companies to augment wages by indirect means, which it termed "fringe benefits." Because of the tight labor market, employers quickly took this cue and devised ingenious methods to attract workers. Premium pay for overtime was no longer sufficient to draw workers. Today, fringe benefits are so substantial that "fringe" seems a misnomer. Internal Revenue Service data show that the aggregate costs of pension plans and other fringe benefits reported by corporations manufacturing, wholesaling, and retailing food products was $474.7 million in 1960, about 114 percent more than in 1954. During the period the total bill for marketing farm-originated food products in the United States increased a third. Fringe benefits seem destined to become an increasingly important part of the food marketing bill.

Keywords: Agribusiness; Labor and Human Capital; Production Economics (search for similar items in EconPapers)
Pages: 8
Date: 1963-08
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Persistent link: https://EconPapers.repec.org/RePEc:ags:uersmp:320373

DOI: 10.22004/ag.econ.320373

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