Salary Increase 2024 Guidelines

Salary Increase 2024 Guidelines. In 2023, 96% of organizations increased salaries (compared to 63% in 2020) as overall salary increase budgets and total compensation spend reached new heights. The department’s final rule, which will go into effect on july 1, 2024, will increase the standard salary level that helps define and delimit which salaried workers are entitled to.

The new rule represents an almost 65% increase in the minimum exempt salary threshold by january 1, 2025 and an increase of almost 40% in the minimum hce. Following last year’s recommended pay increase of 7%, which was relatively restrained in the economic climate at the time, the pgg recommends a 4.5% increase across.