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The GG pay rates are generally identical to published GS pay rates. The GS-1 through GS-7 range generally marks entry-level positions, while mid-level positions are in the GS-8 to GS-12 range and top-level positions (senior managers, high-level technical specialists, or physicians) are in the GS-13 to GS-15 range.
He noted that after a period of rapid disinflation in 2022 and 2023, progress appeared to have stalled in the final months of 2024, with core PCE inflation stuck at 2.8%.
The general wage increase is TBD after 2024, TBD after 2026 for seasonal wages, and will stop at $5.13 for tipped workers in 2022, and is TBD in 2025. [271] The minimum wage will increase in 2023 by an additional 13¢ in addition to its standard increases in pay rates due to an increase in the Consumer Price Index. [273]
For example, federal employees paid on the General Schedule may not earn more than the rate for Level IV of the Executive Schedule, after factoring in GS special rates and locality pay. [4] Because of these pay caps and freezes to the Executive Schedule, federal workers at the top of their pay bands are often unable to receive pay increases ...
Inflation has come down, too, from a peak of 9.1% in June 2022 to 2.7% in November. The drop in year-over-year price increases gave the Fed enough confidence to cut rates three times in the last four months of 2024. But Fed officials signaled in December that they planned to be more cautious about rate cuts this year. They now project just two ...
The Employment Cost Index (ECI), the broadest measure of labor costs, increased 1.2% last quarter after rising by 0.9% in the fourth quarter, the Labor Department's Bureau of Labor Statistics said.
Based on the June BLS data, the 2024 Social Security COLA will be 3%, according to estimates from The Senior Citizens League, a non-partisan seniors advocacy group. That estimate is up from the ...
At the conclusion of its seventh and penultimate rate-setting policy meeting of 2024 on November 7, 2024, the Federal Reserve announced it was lowering the federal funds target interest rate by 25 ...