A recent study reveals that while 61% of workers received salary increases, many still feel financially strained due to rising living costs. Younger workers saw the most significant pay bumps.
It was found that 61 percent of workers received a salary increase from earning a pay raise at their current job or finding a new, better-paying position––or both. This is slightly below the previous year’s figure of 64 percent, and thanks to a sluggish labor market, workers were more likely to have gotten an increase thanks to a raise at their current job (49 percent). Accepted wisdom tells us that changing jobs delivers the biggest dividend.
Last year, career planning site Zippa found that the average salary increase when changing jobs is 14.8 percent. But while inflation is slowing, workers still feel worse off, with 59 percent of employed Americans saying their income has not kept pace with increases in their household expenses over the past 12 months. The consumer price index (CPI) climbed to 2.7 percent in the last year, rising by 0.3 percent last month alone. Grocery store items have risen half a percent, with the cost of eggs soaring further thanks to an avian flu outbreak. Beef also costs more, as do nonalcoholic beverages. Rent is rising, albeit more slowly; motor vehicle insurance increased by 0.1 percent, airline fares rose another 0.4 percent after a large 3.2 percent increase in October, and healthcare services are more expensive also.The study found that $186,000 annually is now the magic number US workers say is needed to live comfortably. That’s despite the average full-time worker earning half that. Bankrate also found that the biggest pay bumps over the past year have gone to younger workers. It points out that they are “Early in their careers and having not yet hit their peak earnings”. Even so, 53 percent of all workers say they are confident they will receive a pay increase in the next 12 months, either by finding a new, better-paying job or getting a raise at their current job. Shows that core tech skills are (perhaps unsurprisingly) increasingly sought after
SALARY INCREASES INFLATION LIVING COSTS EMPLOYMENT YOUNGER WORKERS
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