Average Cost Of Living Salary Increase 2024. Payscale found merit and performance will be the highest driver of base pay increases in 2024, with 79% of companies listing it as a factor, compared to market adjustment and cost of labor (57%), inflation and cost of living (47%), and internal pay. How much salary you earn and in which state you earn it has a significant impact on how well you’ll manage the cost of living in a particular.
Raises above the average raise percentage can satisfy your employees and avoid high turnover rates. Salary increases for the year are coming in lower than employers projected back in fall 2023, indicating that pay raises look to be trending downward after years of.
