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Thursday, December 01, 2005
Wage growth
Are workers doing better or worse in 2005? Kevin Drum looks at the question here and quotes the LA Times:
For the second year in a row, wage and salary increases will average around 3.5% in 2006, several compensation experts predict.
The good news is that the average paycheck -- in theory -- should keep up with inflation, which is expected to be about 3% next year.
The bad news is that most employees will get less than 3.5%. That average is driven up by very high raises -- as much as 9% -- expected in a few fields with acute staff shortages, including nursing and financial services.
I am not a nurse, so I guess I'm in the group of people who should expect to do about the same as last year. Or will I? If my wages go up 3%, inflation runs at 3%, and my employer shifts a larger burden of health care costs to me (an event which augurs spring as reliably as the robin's return) I will break even. Wa-frickin'-hoo.
