Define: Employment Cost Index

UK Accounting Glossary

Definition: Employment Cost Index



Advertisement



Full Definition of Employment Cost Index


The Employment Cost Index, or ECI, is a quantitative measure of the proliferation of wages and other employee compensation. The Employment Cost Index is an average figure calculated in units of one hour of labour. In addition to reflecting current employee wages, the Employment Cost Index also provides data on other forms of compensation, such as employee benefits, bonuses, and entitlement programs. By taking into account all given occupations and industry trends, the Employment Cost Index provides a good assessment of wage movements, as they relate to the cost of living and market conditions. The Employment Cost Index is also an important indicator of potential inflation. The Employment Cost Index is a quarterly report issued by the U.S. Department of Labor.


Advertisement




Cite Term


To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.

Page URL
https://payrollheaven.com/define/employment-cost-index/
Modern Language Association (MLA):
Employment Cost Index. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. February 19, 2020 https://payrollheaven.com/define/employment-cost-index/.
Chicago Manual of Style (CMS):
Employment Cost Index. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. https://payrollheaven.com/define/employment-cost-index/ (accessed: February 19, 2020).
American Psychological Association (APA):
Employment Cost Index. PayrollHeaven.com. Retrieved February 19, 2020, from PayrollHeaven.com website: https://payrollheaven.com/define/employment-cost-index/

Definition Sources


Definitions for Employment Cost Index are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • BusinessDictionary.com
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 9th February 2020.