I am 46, single, no kids. I am a health care professional. I feel that I'm generally a very good saver and a not so good budgeter - hence the credit card debt payoff I worked through in 2020.I walked into my office Friday morning & the first thing my co-worker said was that we got our salary increase. It turned out to be a little over 16% which is better than I expected. I had hoped for at least 10% to make our current (temporary) retention pay of 10% a permanent increase. Once we start being able to fill vacancies due to the increased pay, we'll lose the retention pay. The increase to salary is more important as it impacts your retirement pay, matching for retirement contributions, and more. I am very excited & so thankful.
I had made some stretch savings goals when I started looking at my budget for next year. I am going to be able to meet that & more. People that were looking to retire are also reconsidering as their retirement pay is based on their high 3 years of salary. We'll be able to retain employees when we've been losing them. Everyone seemed to be in a jolly mood all day.
We federal employees should get a 4.6% increase in January. It will be slightly less for us as we are on this special salary scale, but that is another added bonus. I'm glad that retirement contribution limits are increasing so I can take advantage of this increased income to save for my future.
September 17th, 2022 at 03:13 pm 1663424011
September 17th, 2022 at 04:11 pm 1663427502
The raise is due to us having a large number of critical vacancies that we’ve been unable to fill. They did a salary survey & that’s how we got a raise. They look at what similar facilities are paying. Our medical center director said that he wanted the raise to be closer to 20%, but maybe because we are already expecting the 4.6% in January this will get us to that number.
September 18th, 2022 at 08:07 pm 1663528046