Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Workers get 2% raise
Old 01-28-2011, 11:22 AM   #1
Recycles dryer sheets
Pete's Avatar
 
Join Date: May 2008
Posts: 350
Workers get 2% raise

Workers saw 2 percent rise in wages and benefits - Yahoo! Finance

Quote:
Wages and benefits increased 2 percent last year after a 1.4 percent increase in 2009, the Labor Department reported Friday. Both years were the smallest gains on Labor Department records that go back 28 years.
I was surprised to see that workers got raises. Literally every working person I know got cuts, paying more of their healthcare, losing matching retirement funds, cutting hours, and cutting pay.

I was also surprised to find that a 2% increase was a disappointment.
I live in SoCal. How are the people you know doing in your areas?
__________________

__________________
Pete is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 01-28-2011, 11:33 AM   #2
Thinks s/he gets paid by the post
Fireup2020's Avatar
 
Join Date: Feb 2007
Posts: 1,186
1.4% pay raise on military base pay. No more COLA for my duty station (-$27/mo), and a reduction in housing allowance if I had just transferred here. Fortunately there is a "scheduled" promotion on the horizon (June 2011) that will be a decent one - one more time-driven promotion in 2013, then all bets off - selection board years after that.

While on military leave, I did get my step increase in my state salary, but no annual pay raise was allowed - doubt there will be one in 2011 as well. (I think I'll get my last step increase in Sep. 2012)
__________________

__________________
Make no mistake, my friend, it takes more than money to make men rich. - A. P. Gouthey
Fireup2020 is offline   Reply With Quote
Old 01-28-2011, 11:48 AM   #3
Recycles dryer sheets
 
Join Date: Dec 2008
Posts: 116
I got 2.5% in 2010 and no increase in health premiums. Guess I beat the average.

No one I know is facing wage cuts nowdays. Most are getting nominal COLA increases.
__________________
FreqFlyer is offline   Reply With Quote
Old 01-28-2011, 11:49 AM   #4
Moderator Emeritus
 
Join Date: May 2007
Posts: 11,036
My wife's company has continued to hand out pay raises throughout the recession. Benefits have not been cut significantly though the 401K match has been reduced slightly for higher earners. The amount of raise is based on personal performance, but a "performing worker" usually gets 1-2% above CPI. An "exceptional worker" might get up to 4% above CPI.

My sister received raises in 2009 and 2010 (don't know how much).

I don't know how other people are faring.
__________________
FIREd is online now   Reply With Quote
Old 01-28-2011, 11:57 AM   #5
Thinks s/he gets paid by the post
martyb's Avatar
 
Join Date: Nov 2006
Location: Bossier City
Posts: 2,182
I am a federal employee and so have just begun the 2 year pay freeze. That coincides almost precisely with my final 2 years of employment, which means my high-3 calculation for my pension will be much adversely affected. Of course, I do have the option to continue working instead of retiring.
__________________
“Change is the law of life. And those who look only to the past or present are certain to miss the future.”
-John F. Kennedy

“Hard work never killed anybody, but why take a chance?” - Edgar Bergen
martyb is offline   Reply With Quote
Old 01-28-2011, 12:42 PM   #6
gone traveling
 
Join Date: Apr 2009
Location: Eastern PA
Posts: 3,851
I don't have any "income" subject to any increase (other than my VA disability - which had the same incease as SS the last two years; 0%).

DW has not received any increase at all for at least the last four years. Of course, she's one of the 25% that were retained after all the rest were laid off, or left and not replaced.

Sometimes nothing (but having a job) is good enough ...
__________________
rescueme is offline   Reply With Quote
Old 01-28-2011, 12:55 PM   #7
Moderator
Alan's Avatar
 
Join Date: Jul 2005
Location: Eee Bah Gum
Posts: 21,085
Quote:
Originally Posted by Pete View Post
I was surprised to see that workers got raises. Literally every working person I know got cuts, paying more of their healthcare, losing matching retirement funds, cutting hours, and cutting pay.

I was also surprised to find that a 2% increase was a disappointment.
I live in SoCal. How are the people you know doing in your areas?
In 2010 our Megacorp not only gave out raises in January instead of April, they also re-started bonuses and we all got the biggest bonus the company had ever issued. The bonus swamped the raises but I'm sure the raises were decent (>2%) after a 2 year freeze.
__________________
Retired in Jan, 2010 at 55, moved to England in May 2016
Now it's adventure before dementia
Alan is offline   Reply With Quote
Old 01-28-2011, 01:20 PM   #8
Thinks s/he gets paid by the post
vicente solano's Avatar
 
Join Date: May 2009
Posts: 1,116
My wife got a 5% reduction on her salary in 2010. Like all civil servants in Spain. No raise is expected this year. These are tough times in Spain with 20% unemployment. 43% of our youths are donīt find a job

Pity we canīt discuss politics and/or politicians in this Forum.......
__________________
I get by with a little help from my friends....ta ta ta ta ta...
vicente solano is offline   Reply With Quote
Old 01-28-2011, 01:47 PM   #9
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
FinanceDude's Avatar
 
Join Date: Aug 2006
Posts: 12,484
Quote:
Originally Posted by vicente solano View Post
My wife got a 5% reduction on her salary in 2010. Like all civil servants in Spain. No raise is expected this year. These are tough times in Spain with 20% unemployment. 43% of our youths are donīt find a job

Pity we canīt discuss politics and/or politicians in this Forum.......
Fire-related political topics are allowed...........
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)


This Thread is USELESS without pics.........:)
FinanceDude is offline   Reply With Quote
Old 01-28-2011, 01:48 PM   #10
Thinks s/he gets paid by the post
Lisa99's Avatar
 
Join Date: Aug 2010
Location: The Villages
Posts: 1,327
In March 2009 my megacorp cut salaries by 5% across the board in US and Canada.

In Feb 2011 our 5% cut will be reinstated and from I've heard pay increases are back on the docket.

BUT, I haven't had a pay increase in six years since I am at the top of my pay band. Thank goodness my new manager is looking at putting me into another job code so the no pay increase nonsense will stop.
__________________
Lisa99 is offline   Reply With Quote
Old 01-28-2011, 03:34 PM   #11
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
RonBoyd's Avatar
 
Join Date: Dec 2007
Location: Denver, Colorado
Posts: 5,280
All it takes is one CEO (or GS Banker) to offset all those wage reductions by the little guy. An overall increase seems correct to me.
__________________
"It's tough to make predictions, especially when it involves the future." ~Attributed to many
"In theory, there is no difference between theory and practice. But, in practice, there is." ~(perhaps by) Yogi Berra
"Those who have knowledge, don't predict. Those who predict, don't have knowledge."~ Lau tzu
RonBoyd is offline   Reply With Quote
Old 01-28-2011, 04:26 PM   #12
Thinks s/he gets paid by the post
 
Join Date: Jan 2006
Posts: 2,971
The company I work for thrived during the "recession". We have been the busiest we've ever been. I received a 4.3% raise last year. That was a "max increase" for being high above average production. We don't get COL increases, raises are based on merit. There have been no lay-offs or benefit cuts. We have been hiring non-stop for years.
__________________
aaronc879 is offline   Reply With Quote
Old 01-28-2011, 04:46 PM   #13
Thinks s/he gets paid by the post
target2019's Avatar
 
Join Date: Dec 2008
Posts: 3,705
My megacorp thrives through the recession. Raises have been in the vicinity of 2% for 4 years I've been there. Now, executives have received buyouts, and nice consulting jobs to stick around awhile. Remaining execs are foregoing raises (lol, as if they had a choice).

From what I've heard, this is the year of no raise, and it is ironic that many I know are receiving above average ratings. We will see how this plays out in a few months when raises come out. I am expecting 0% for my above average rating, and next year it will go back to 2% for an average rating, and most will get an average rating again.
__________________
target2019 is offline   Reply With Quote
Old 01-28-2011, 05:41 PM   #14
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Midpack's Avatar
 
Join Date: Jan 2008
Location: Chicagoland
Posts: 11,968
I "know" a company that gave their hourly employees 2%-2%-2% and salary employees 3%-0%-3% in the past 3 years. All have bonus participation, but that's been ZIP for a lot of those 3 years - so total compensation is actually down for everyone despite "base wage increases." Lots of ways to skin the compensation cat...
__________________
No one agrees with other people's opinions; they merely agree with their own opinions -- expressed by somebody else. Sydney Tremayne
Retired Jun 2011 at age 57

Target AA: 60% equity funds / 35% bond funds / 5% cash
Target WR: Approx 2.5% Approx 20% SI (secure income, SS only)
Midpack is offline   Reply With Quote
Old 01-28-2011, 05:45 PM   #15
Recycles dryer sheets
Pete's Avatar
 
Join Date: May 2008
Posts: 350
Quote:
Originally Posted by vicente solano View Post
My wife got a 5% reduction on her salary in 2010. Like all civil servants in Spain. No raise is expected this year. These are tough times in Spain with 20% unemployment. 43% of our youths are donīt find a job

Pity we canīt discuss politics and/or politicians in this Forum.......
And I was feeling sorry for the kids here in the SW US. Many friends and neighbors are living here in homes they don't pay for, waiting for the final forclosure. They say we have a 9+% unemployment rate, but we figure it funny here in the US. Please start another thread with more of what you're going through. I hope things get better.
__________________
Pete is offline   Reply With Quote
Old 01-28-2011, 08:30 PM   #16
Moderator
ziggy29's Avatar
 
Join Date: Oct 2005
Location: Texas
Posts: 15,612
That's 2% in raises *and* benefits. A pay freeze together with health insurance premiums that "only" rise 8% out of pocket probably amounts to a 2% raise if the total cost of the health insurance was 10% higher this year...

In terms of base pay, I've had two 2% raises in the last five years and that's been it, but I'm sure if you factor in the cost of health insurance the "total compensation" including non-cash benefits is likely a fair bit higher.
__________________
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)

RIP to Reemy, my avatar dog (2003 - 9/16/2017)
ziggy29 is offline   Reply With Quote
Old 01-28-2011, 10:17 PM   #17
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Nov 2007
Posts: 7,526
We are rather lucky in the FUEGO to have received this month a 7% pay bump (me changing jobs from private consulting to public sector) and a 21% paybump (DW). In these difficult times indeed...

At least in DW's case, she is a very high performer and had the performance rating to match. In my case, I'm a professional BSer and found a position to match my specific skillset. Oh yeah and we both received bonuses this month or last.
__________________
Retired in 2013 at age 33. Keeping busy reading, blogging, relaxing, gaming, and enjoying the outdoors with my wife and 3 kids (5, 11, and 12).
FUEGO is offline   Reply With Quote
Old 01-29-2011, 08:22 AM   #18
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
RonBoyd's Avatar
 
Join Date: Dec 2007
Location: Denver, Colorado
Posts: 5,280
Goldman Sachs Gives Blankfein a Big Raise

Quote:
Lloyd C. Blankfein, the chief executive of Goldman Sachs, had a rough 2010. But at least he got a raise: his bonus increased by $3.6 million, according to a regulatory filing.

The firm’s board granted restricted stock valued at $12.6 million to Mr. Blankfein and other senior executives, including Gary D. Cohn, the firm’s president. The board also approved a new annual base salary of $2 million for its chief executive, up from $600,000. Mr. Cohn and others will see their base salaries increase to $1.85 million, according to the filing on Friday.

With his previous salary of $600,000, Mr. Blankfein’s 2010 compensation comes to $13.2 million. Senior executives often receive part of their compensation in cash, but Goldman did not release details on this component of Mr. Blankfein’s compensation.

In 2009, amid a widespread public outcry over sky-high pay on Wall Street, Mr. Blankfein and other senior Goldman executives received compensation packages valued at $9 million each. In 2007, the year before the financial crisis, Mr. Blankfein made $68.5 million.
Oh, I am sure he earns every penny it. I am just curious if the whole stock and bonus stuff is considered "wages" as far as the OP's Subject is concerned. I do assume the 1.4 million-dollar- alary increase does.

__________________
"It's tough to make predictions, especially when it involves the future." ~Attributed to many
"In theory, there is no difference between theory and practice. But, in practice, there is." ~(perhaps by) Yogi Berra
"Those who have knowledge, don't predict. Those who predict, don't have knowledge."~ Lau tzu
RonBoyd is offline   Reply With Quote
Old 01-29-2011, 08:28 AM   #19
Administrator
Gumby's Avatar
 
Join Date: Apr 2006
Posts: 10,137
In 2009, we had three furlough days and 0% raise, for a salary cut of about 1.25%. 2010 brought three more furlough days and the imposition of a 3% of salary charge to help fund the state retiree health care expenses, so a total pay cut of 4.25%. They also revoked the 3% raise we were scheduled to get in July. I expect it will only be worse in 2011.
__________________
Living an analog life in the Digital Age.
Gumby is online now   Reply With Quote
Old 01-29-2011, 08:51 PM   #20
Thinks s/he gets paid by the post
John Galt III's Avatar
 
Join Date: Oct 2008
Posts: 1,285
Where I work we did indeed get a 2.1 percent raise, in October of 2010. But no increase in benefits. Who in the heck ever gets an increase in benefits?
By the way, we had had no raise in the last 5 years.

I should add that the 2.1 percent raise was based on just being employed there, not on performance.
__________________

__________________
John Galt III is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
America's Oldest Workers Htown Harry Life after FIRE 9 05-28-2010 02:00 PM
any other postal workers b94new Other topics 0 04-14-2009 07:51 PM
Older Workers Saying 'No' To Retirement NotSoonEnough Young Dreamers 9 09-13-2007 01:54 PM
Extreme Workers tryan Young Dreamers 23 12-17-2006 03:52 PM

 

 
All times are GMT -6. The time now is 08:07 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.