The year 2023 is coming to a close and many federal employees are eagerly awaiting news about the 2024 pay increase. President Biden has already signed an executive order that will raise the minimum wage for federal employees to $15 per hour, but there is still uncertainty about how much the rest of the federal workforce will receive.
Negotiations between the Biden administration and federal employee unions are ongoing, but no agreement has been reached yet. The unions are pushing for a 5.1% across-the-board increase, while the administration has proposed a 3.3% increase. The two sides are expected to continue negotiating until a deal is reached.
The 2024 pay increase will be a critical factor in determining how much federal employees will earn in the coming year. Federal employees have not received a significant pay increase in several years, and many are struggling to keep up with the rising cost of living. A substantial pay increase would help to improve the financial well-being of federal employees and their families.
The 2024 pay increase is also important because it will set the tone for future pay negotiations. If the Biden administration agrees to a significant pay increase, it could signal a willingness to give federal employees more generous raises in the years to come. This would be a welcome change for federal employees, who have often felt undervalued and underpaid.
2025 OPM Pay Increase: Outlook and Projections
The Office of Personnel Management (OPM) is responsible for setting pay scales for federal employees. In recent years, OPM has implemented pay raises that have been below the rate of inflation. As a result, federal employees have seen their buying power decline.
In 2025, OPM is expected to announce a pay increase for federal employees. The size of the increase is uncertain, but some experts believe that it could be as high as 3%. If this happens, it would be the largest pay increase for federal employees in several years.
The pay increase is likely to be welcomed by federal employees, who have been struggling to keep up with the rising cost of living. However, it is also likely to be met with some criticism from those who believe that the government should not be spending more money on salaries.
