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The White House plans to boost federal workers' pay by 5.2 percent, the largest increase since 1980.
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.
If inflation runs “hot” — or higher than the recent average — the 2023 COLA could be 11.4%, said Mary Johnson, the Senior Citizens League’s Social Security and Medicare policy analyst.
Find: 17% of Small Businesses Fear Going Out of Business in 2022 — How They Can Combat Inflation and Retain Employees. The 2023 COLA estimate comes from the Senior Citizens League, a non ...
The United States federal budget for fiscal year 2023 ran from October 1, 2022, to September 30, 2023. The government was initially funded through a series of three temporary continuing resolutions. The final funding package was passed as an omnibus spending bill, the Consolidated Appropriations Act, 2023.
An 8.7% cost-of-living adjustment (COLA) sounds pretty generous, considering that Social Security benefits increased by 5.9% in 2022 — the largest boost in about 40 years.
The Federal Employees Pay Comparability Act of 1990 or FEPCA (H.R. 5241, Pub. L. 101–509) is a United States federal law relating to the salaries for employees of the United States Government. In the 1980s, salaries for civil servants in the executive branch had fallen behind private sector pay. FEPCA was enacted to provide guidelines to ...
Bankrate’s pay raise survey also found that 64% of workers received a pay increase at some point in the 12 months since October 2022. Of that group, 53% said their incomes haven’t kept pace ...