What is a good pay raise?

According to a survey conducted by Pearl Meyer in May of 2022, the average base salary for employees increased by 4.8%. Between 2002 and 2022, the average base salary increase was typically about 3%. 8 That means a respectable pay raise typically falls somewhere between 3% and 6%, depending on the year.

thebalancemoney.com - How Much is the Average Raise in America? - The Balance

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Have you recently received a pay raise or are you hoping to get one? If so, you might be wondering how your raise stacks up to the average. Most employees want to know whether their pay is fair—and what they can do to earn more. There are many factors that impact an employee’s salary increase. Your occupation, the industry you work in, the type of raise you’re entitled to receive, and whether you are getting a promotion or changing jobs all can make a difference. Key Takeaways The kind of raise you get depends on the economy as well as your industry and occupation.

High performers can get significantly higher raises than average performers.

Changing jobs can make you significantly more money than staying at the same company.

Determining How a Raise Measures Up to the Average

What’s the best way to tell if your pay raise is above or below average? Consider general factors that are related to the economy, your occupation, and the industry you work in: Overall growth in earnings and in the economy will impact the resources that organizations have available for raises. Industries that experience faster growth and are adding a high volume of workers will often offer higher raises to attract and retain the employees needed to support that growth. Occupations with a shortage of workers with the right skills and training are also more likely to offer higher than average salaries and salary increases. The industries with slow growth or job losses and wage stagnation are less likely to offer higher earnings, both in salary and pay increases. Tip Once you’re aware of what you could expect from a raise, you can successfully position yourself to get an above-average one.

Pay Raises by the Numbers

Companies seem to be responding to the pandemic's effect on the economy in different ways. According to PayScale's 2022 Compensation Best Practices Report, 44% of companies are planning to give pay increases higher than 3%—a 13% increase over the average of the last six years. However, 33% of organizations that cut or froze pay in 2020 did not make up for it and don’t plan on making up for it in the future. 92% of organizations are giving pay increases in 2022, up from 85% in 2021 and 67% in 2020. In spite of that, these raises may not be enough to compete with inflation. According to the Bureau of Labor Statistics (BLS), inflation went up 9.1% between June 2021 and June 2022 and 8.5% between July 2021 and July 2022. However, wages only went up 5.3% between June 2021 and June 2022. These figures include all types of raises and don’t imply that every worker had their pay increase by 5.3% in the private sector. Organizations with compensation systems tilted toward merit-based pay increases will show a greater variation in pay increases per employee.

Occupations with the Highest and Lowest Increases

Although wages and salaries grew 5.3% during the 12 months ending in June 2022, compensation does not increase equally across all occupations and industries. Some sectors have higher wage growth than others. Here's what wage growth by sector looked like, according to the Federal Reserve Bank of Atlanta. It calculated wage growth using 12 month moving averages of the monthly median wage growth.

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Why do I get taxed so much on my paycheck 2022?

The IRS has announced higher federal income tax brackets for 2022 amid rising inflation. And the standard deduction is increasing to $25,900 for married couples filing together and $12,950 for single taxpayers.

cnbc.com - Inflation pushes income tax brackets higher for 2022 - CNBC

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The IRS announced higher federal income tax brackets and standard deductions for 2022 amid rising inflation. The consumer price index surged by 6.2% in October compared to the previous year, the biggest jump in more than three decades. As price hikes continue, the IRS has boosted the income thresholds for each bracket, applying to tax year 2022 for returns filed in 2023.

Standard deduction

The standard deduction, claimed by most taxpayers, will also increase for 2022, rising to $25,900 for married couples filing jointly, and to $12,950 for single filers.

Other adjustments

The IRS also made other inflation adjustments, such as changes to the alternative minimum tax, a parallel system for higher earners, and an increased estate tax exemption. Moreover, there's a boost for the earned income tax credit, a write-off for low- to moderate-income families, and higher flexible spending account limits, among other changes. Workers may also save more to 401(k) plans in 2022, according to last week's announcement. But there won't be a higher limit for individual retirement accounts.

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