Workers get 2% raise

[Pete]

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

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?

 

[Fireup2020]

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)

 

[FreqFlyer]

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.

 

[FIREd]

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.

 

[martyb]

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.

 

[rescueme]

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 ...

 

[Alan]

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.

 

[vicente solano]

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 don´t find a job

Pity we can´t discuss politics and/or politicians in this Forum.......

 

[FinanceDude]

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 don´t find a job

Pity we can´t discuss politics and/or politicians in this Forum.......

Fire-related political topics are allowed...........

 

[Lisa99]

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.

 

[RonBoyd]

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.

 

[aaronc879]

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.

 

[target2019]

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.

 

[Midpack]

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...

 

[Pete]

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 don´t find a job

Pity we can´t 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.

 

[ziggy29]

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.

 

[FUEGO]

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.

 

[RonBoyd]

Goldman Sachs Gives Blankfein a Big Raise

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.

 

[Gumby]

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.

 

[John Galt III]

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.

 

[sailor]

But no increase in benefits. Who in the heck ever gets an increase in benefits?

Maybe you did
Ask how much your company spent for employer portion of health insurance comparing to last year (if health insurance is available at your place).

 

[hornet99]

In 2009, 2010 I received 2% and 1%, respectively. This was for above average performance. This year is expected to be very lean as well. Our company supposedly rewards high performers, but the typically difference between meeting and exceeding expectations is 1-2%. Certainly not a large incentive to put in regular 60 hour weeks.

 

[harley]

DD's company has thrived through the last couple of years too. Partially by not giving any raises. Combine that with increases in health care costs, and her paycheck (low paying job) is down about 4%. Rough time to be starting out.However, she still manages to save a little each month. I'm proud of her for that.

They also don't give matches in the 401(k) plan. And they have high fee lousy investment options. I just had her stop her 401(k) contribution since she doesn't need a tax break. She is direct depositing the money into a savings account to help build her emergency fund up, and will later move it into a Roth. Glad you can still opt out of the 401(k)s. Some people are talking about making them mandatory.

 

[Sconie]

I am employed by a chemical manufacturer---we had a 3% increase in 2009, a freeze in 2010 and are expecting a 3% this year. Benefits have stayed the same throughout the last three years. I am sure part of this is due to the nature of the chemical business----wages and salaries are a very low percentage of total cost----chemical manufacturers (as well as most other process industries) tend to spend buckets of $$ on capital, energy and raw materials.

 

[BTravlin]

I'm 100% commission only selling building products and income is off a little over 50% since 2008.