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Thursday, December 01, 2005

Wage growth

Posted by: Hammer / 2:25 PM

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.

1 Comments:

Actually, won't you lose money? If inflation runs 3%, you get a 3% increase, you are now even with inflation. If you have to pay more of your health burden, say 1%, you now have less disposable income. You've just experienced a 1% reduction in wage.

By Anonymous Anonymous, at 3:42 PM  

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