2024 Cost Of Living Increase For Employees 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. Itโs the largest base pay increase since the carter administration nearly 40 years ago.
Executive order number 14113, dated december 21, 2023, authorizes an average 5.2 percent increase (combination of the base of 4.7 percent and a locality of 0.5 percent, for. Biden signed the executive order on thursday.