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Recent history’s record inflation rates have challenged workers’ ability to save — and while consumer price increases are finally starting to slow, wages aren’t likely to catch up.
For the third year in a row, companies are planning a median raise of 4% for their employees, according to Salary.com, which provides compensation market data, software and analytics. Previously, the average increase hovered around 3%, but a competitive job market in the background of record inflation rates led to a new norm, explains David Turetsky, vice president of consulting for Salary.com.
And yet, inflation reached a decades-high record at 8.5% in 2022, pushing the cost the
