Average Salary Increase For 2024

Average Salary Increase For 2024. Employers forecast raising their merit increase budgets by 3.5% and total salary increase budgets by 3.8% on average for 2024, according to mercer's u.s. Growth in salary increase budgets is projected to decelerate to an average of 4.1% in 2024—with the range of projected increases narrowing further.

And though increases are expected to be down in 2024, they look to remain high, according to data from wtw’s december 2023 salary budget planning report. 19% plan to increase pay by.