Salary Increase Budgets for 2021: A Wage Crunch Is Coming—but It's Delayed
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US Salary Increase Budgets

Salary Increase Budgets for 2021: A Wage Crunch Is Coming—but It's Delayed

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The Conference Board Annual Salary Increase Budget Survey shows that employers have already started to lower their salary budgets. The 2020 average for actual total salary increase budgets, including exempt, executive, and nonexempt salaried employees, decreased from 3.19 percent in 2019 to 2.60 percent in 2020. Many respondents indicated their budgets are not yet finalized due to uncertainty created by the COVID-19 crisis.

 

The Conference Board Annual Salary Increase Budget Survey shows that employers have already started to lower their salary budgets. The 2020 average for actual total salary increase budgets, including exempt, executive, and nonexempt salaried employees, decreased from 3.19 percent in 2019 to 2.60 percent in 2020. Many respondents indicated their budgets are not yet finalized due to uncertainty created by the COVID-19 crisis.

 

Authors

Gad Levanon, PhD

Gad Levanon, PhD Gad Levanon, PhD

Former Vice President, Labor Markets
The Conference Board

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Judit Torok

Judit Torok Judit Torok

Research Associate
The Conference Board

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Frank Steemers

Frank Steemers Frank Steemers

Former Senior Economist
The Conference Board

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