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PAY RAISES IN 2024

Are Pay Raises Coming?

With inflation levels and the tight job market many are wondering if pay raises are coming next year. As many companies are planning their 2024 goals now, let's dive in and see!

 
EMPLOYERS BUDGETING 4% PAY RAISE FOR 2024

"As a tight labor market and inflationary pressures linger, employers are looking to continue competitive pay hikes for employees in 2024—although the aggressiveness of raises may be starting to cool, new data finds.


U.S. organizations are budgeting an average increase of 4 percent in 2024, according to consulting firm WTW, which surveyed more than 2,000 U.S. organizations for its Salary Budget Planning Survey. That number is down from the actual increase of 4.4 percent in 2023 and the 4.2 percent increase in 2022, but the projected 2024 figures remain higher than the 3.1 percent salary increase budget in 2021 as well as other increases in pre-pandemic years. "While we are seeing lower salary increases forecasted for next year, they're still well above the ones we've seen for the past 10 years," said Hatti Johansson, research director of reward data intelligence at WTW. "This shows that companies are striving to stay competitive in an ever-changing work climate." Learn more


FEDERAL PAY SET TO INCREASE AS WELL

"Almost 33,000 federal civilian employees are a step closer to a bigger pay raise in 2024, after the Office of Personnel Management published a proposal to establish four new locality pay areas for the General Schedule.



OPM’s proposed rule, added to the Federal Register Wednesday, comes after the President’s Pay Agent in December approved recommendations from the Federal Salary Council to establish the four new locality pay areas. The announcement from OPM is one of the later steps in the process for making changes to locality pay for federal civilian employees. Typically, the President’s Pay Agent, a panel comprising the OPM director, the Labor Department secretary and the Office of Management and Budget director, issues annual reports to decide on pay recommendations from the Federal Salary Council, a larger body composed of labor relations and pay policy experts. Any recommendations that the pay agent approves then go to OPM. The agency writes up the proposal and timeline for implementing the changes." Learn more

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