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A point in time used as a reference point for comparison with some later period. For example, in the theory of price indices the Laspeyres price index uses the earlier of the two years over which prices are compared for purposes of weighting the relative price changes. This earlier year is then the base period and the price index is a base period weighted index.
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A measure of the availability of a benefit. The National Compensation Survey presents data on the percent of workers with access to, and participate in employee benefits. Access is defined as the percent of workers in an occupation who are offered a benefit. For example, an employee may have access to an employer sponsored fitness center, but may or may not use it. Participation is defined as the percent of workers that actually participate in the benefit (meeting any service requirements, and if required, paying a share of the cost). The National Compensation Survey publishes participation data for Insurance and Retirement benefits
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Non-wage compensation provided to employees. The National Compensation Survey groups benefits into five categories: Paid leave (vacations, holidays, sick leave); supplementary pay (premium pay for overtime and work on holidays and weekends, shift differentials, nonproduction bonuses); retirement (defined benefit and defined contribution plans); insurance (life insurance, health benefits, short-term disability, and long-term disability insurance) and legally required benefits (Social Security and Medicare, Federal and State unemployment insurance taxes, and workers’ compensation).
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Includes precision production, craft, and repair occupations; machine operators and inspectors; transportation and moving occupations; handlers, equipment cleaners, helpers, and laborers; and service occupations.
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