AXIOS June 27, 2024
Employee health care costs are increasingly eating up larger shares of payroll costs for America’s smallest businesses, according to a new analysis from the JPMorgan Chase Institute.
Why it matters: The pain of health care costs is nothing new. But this analysis, based on de-identified data from Chase business banking accounts, offers a more granular look at the disproportionate burden on the smallest businesses that often isn’t captured by other data.
What they found: For the typical small business with at least two employees and revenues of $600,000 or less, 12% of payroll costs went to health care benefits last year, the analysis found.
- For businesses with revenues of at least $2.4 million, that figure was 7%.
- The U.S....
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