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US Salary Increase Budgets 2024-2025
September 08, 2024 | Report
According to The Conference Board 2024 salary increase budgets survey, employers expect 2025 base pay budgets to rise by an average of 3.9%. This is close to the highest projected rate in two decades. While base pay increases help retain workers in a labor market that remains tight, reduced use of adjustments in nonbase compensation, such as hiring and retention bonuses, suggests organizations are recalibrating their workforce and budget strategies due to high labor costs and economic uncertainty.
AUTHORS
Dana M. Peterson
Chief Economist and Leader, Economy, Strategy & Finance Center
The Conference Board
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