Most employees hope to receive a pay raise every year. With the rising cost of groceries and rent to name a few, is your pay keeping up with inflation. According to Beyond The Numbers publication May 2024, Vol. 13, No.4 (https://www.bls.gov/opub/btn/volume-13/a-year-in-review-exploring-consumer-price-trends-in-2023.htm) on the U.S. Bureau of Labor Statistics website. The Food and beverage increase in 2022 went up at an alarming 10.1 percent increase. In 2023 not so much at only 2.7 percent. Housing and shelter rose 4.8 percent in 2023, following an increase of 8.1 percent in 2022. What safeguards do you have with your employer to guarantee your pay compensation meets the raising cost year after year.
Average Consumer Price Index for Urban Earners and Clerical Workers (CPI-W) for 2020, 2021, 2022, and 2023: see below. https://www.ssa.gov/oact/STATS/cpiw.html
2020 2021 2022 2023
252.25 265.51 287.98 298.99
Increases year to year.
2020-2021 5.12%
2021-2022 8.11%
2022-2023 3.75%
How did your raises compare to the last 3 years?
Collective Bargaining Agreements with your employer secure your pay increase by negotiating terms with your employer. Organized Labor is on the rise. Working class Americans are standing up to fight for their share of the record profits being reported in annual reports. What are you and your coworkers going to do to get your share of the pie?
So if your pay raises aren’t AT LEAST equal to what costs increase, ultimately you’re making less even if your pay is a higher dollar amount than when you started. So your GWI over the life of the contract better equal more than what the CPI shows year after year. Textron employees we make 15% less now than we did in 2007. Keep that in mind with this next contract coming up. Thanks for bring this up. I literally talked to my group about it this morning! Great info Jimmy!