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Another pay increase of 4.5% was given to military members as part of the 2025 National Defense Authorization Act. Earlier this year, a pay raise of 5.2% on average was given to federal employees ...
That is lower than the 4.4% average increase they paid out in 2023, which marked a 20-year high for base pay raises. But it is a tick up from the 3.8% bump that companies were paying out this year ...
The 2023 budget that became law in October is a two-year spending plan covering the fiscal years of July 1, 2023 through June 30, 2025. The bill built in the raises to be doled out over two years.
In its budget overview for the 2025 financial year ending September 30, the Defense Department said troop pay and benefits make up about 30% of its total budget request for $850 billion.
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]
An annual survey by Palmer Group shows 97% of Iowa companies anticipate giving wage increases in 2025 with most falling in 3% to 4% range
Workers across the country have been winning higher pay since the pandemic, with wages and benefits for private-sector employees rising 4.1% in 2023 after a 5.1% increase in 2022, according to the ...
When will I get my raise? Workers should see larger paychecks starting in January 2024. Most workers’ pay raises will be processed “before the end of the calendar year,” wrote spokesperson ...