More than half of US workers did not get a wage increase in the past 12 months despite the strength of the labor market
More than half of US workers did not get a wage increase in the past 12 months despite the strength of the labor market.
A survey by Bankrate.com has found that 52% of respondents are still on the same salary as a year ago and it’s worse for older workers (aged 53+) with 64% still seeing the same pay check.
The data shows that 38% did get a raise in their existing job or moved to a higher paid role; 8% got both.
Millennials did better than their older colleagues for increases based on promotions or new responsibilities with 36% of 18-36 year olds getting a wage rise for that reason compared to 20% of Gen-Xers and just 6% of Boomers.
“While the economy continues to improve, it’s disappointing that Americans’ wages have not,” said Bankrate.com chief financial analyst, Greg McBride, CFA. “Though younger workers are experiencing career advancement, older Americans are hampered by stagnant incomes. This makes it even more vital to start saving early, since significant wage gains become less frequent as you get older.”
Wage increases driven by cost of living were weaker in the past 12 months with just 27% of increases driven by this reason compared to 30% a year ago. Boomers were most likely to get a raise for this reason (47%).
Performance related pay also slipped accounting for just 37% of raises compared to 52% last year.
A survey by Bankrate.com has found that 52% of respondents are still on the same salary as a year ago and it’s worse for older workers (aged 53+) with 64% still seeing the same pay check.
The data shows that 38% did get a raise in their existing job or moved to a higher paid role; 8% got both.
Millennials did better than their older colleagues for increases based on promotions or new responsibilities with 36% of 18-36 year olds getting a wage rise for that reason compared to 20% of Gen-Xers and just 6% of Boomers.
“While the economy continues to improve, it’s disappointing that Americans’ wages have not,” said Bankrate.com chief financial analyst, Greg McBride, CFA. “Though younger workers are experiencing career advancement, older Americans are hampered by stagnant incomes. This makes it even more vital to start saving early, since significant wage gains become less frequent as you get older.”
Wage increases driven by cost of living were weaker in the past 12 months with just 27% of increases driven by this reason compared to 30% a year ago. Boomers were most likely to get a raise for this reason (47%).
Performance related pay also slipped accounting for just 37% of raises compared to 52% last year.
