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The Fiscal Responsibility Act of 2023, passed in June 2023, resolved that year's debt-ceiling crisis and set spending caps for FY2024 and FY2025. The act called for $895 billion in defense spending and $711 billion in non-defense discretionary spending for fiscal year 2025, representing a 1% increase over fiscal year 2024. [10]
That's because the government caps the amount of wages subject to Social Security tax. That cap increases every year as the standard of living increases. The earnings limit for 2025 is $176,100 ...
The federal minimum has held at $7.25 an hour since 2009, but an increasing number of states are upping their base pay ... Millions of low-wage earners are getting a raise in 2025 as 21 states are ...
In December 2007, the President's Pay Agent reported that an average locality pay adjustment of 36.89% would be required to reach the target set by FEPCA (to close the computed pay gap between federal and non-federal pay to a disparity of 5%). By comparison, in calendar year 2007, the average locality pay adjustment actually authorized was 16.88%.
With this change, employees will pay up to $10,918.20 in 2025, compared to $10,453.20 currently. ... Social Security Announced a COLA Increase for 2025 — 5 Things Retirees Should Be Aware Of ...
The Government Ethics Reform Act of 1989 provides for an automatic increase in salary each year as a cost of living adjustment that reflects the employment cost index. [2] Since 2010 Congress has annually voted not to accept the increase, keeping it at the same nominal amount since 2009.
The most notable change to Social Security benefits in 2025 should be good news. ... benefits beginning in January 2025. A 2.5% increase is below the average COLA since it became annual in 1975 ...
The White House plans to boost federal workers' pay by 5.2 percent, the largest increase since 1980.