Meaning of “employment costs” in the English Dictionary

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"employment costs" in Business English

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employment costsnoun [ plural ]

uk us HR, ACCOUNTING

the total amount of money that it costs a company to employ people, including pay, insurance, benefits etc.:

When faced with declining business, employers often must look at ways to cut employee costs in order to make ends meet.

(Definition of “employment costs” from the Cambridge Business English Dictionary © Cambridge University Press)