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.