All articles tagged with #salary increases
Walmart's U.S. CEO John Furner surprised store managers with salary increases and a bonus program that can add up to 200% of their annual salary, including an annual stock grant of up to $20,000, starting this year.
Boutique law firm Selendy Gay Elsberg has announced salary increases for its associates, matching Cravath levels, and surpassing Biglaw's bonus scale for the sixth consecutive year. The firm's bonuses are 15% higher than the industry standard, with some associates receiving bonuses over 60% above market. The firm's compensation increases will take effect from January 1, with salaries ranging from $225,000 to $435,000 depending on the associate's class year.
The Philadelphia Orchestra and the union representing its musicians have reached a new three-year contract, ending months of negotiations. The contract includes salary increases of nearly 16 percent over three years, addressing the musicians' concerns about being underpaid compared to other ensembles. The agreement also includes pay raises for substitutes and a requirement for the orchestra to hire more musicians each year to fill vacancies. This is the first contract negotiated by the orchestra since the pandemic, which caused significant financial strain. The musicians' union hailed the deal as a victory for the orchestra and its world-class musicians.
American workers can expect smaller salary increases in 2024, with employers planning to increase salary budgets by about 4%, down from this year's average of 4.3%. However, with inflation projected to slow to 2.6% in 2024, workers could see a net gain of about 1.4% in purchasing power. The raises will vary by industry, with education and healthcare employees expecting a pay bump of 3.5% or less, while energy sector workers will enjoy raises of 4.5%. The tight labor market and pay transparency laws are factors contributing to the need for competitive wages. Experts advise employees to communicate their worth, make requests early, research industry averages, and consider internal job opportunities for potential pay increases. It is recommended not to delay asking for a raise until 2025, as economists predict slower wage growth in the coming years.
Nevada Senators Catherine Cortez Masto and Jacky Rosen are urging senate leadership to include a permanent salary increase for wildland firefighters in any government-funded package, as the funding that previously increased their pay is set to expire on September 30. The senators emphasized the vulnerability of Nevada to wildfires and the importance of maintaining sustainable and acceptable pay rates for these firefighters.
New York City has reached tentative labor agreements with 11 unions representing uniformed city workers, including firefighters, sanitation workers, correction officers, and NYPD sergeants, captains, and lieutenants. The package of deals will cost the city $4 billion and includes annual salary increases of between 3.25% to 4% over the next several years. Mayor Eric Adams announced the tentative contracts with the Uniformed Officers Coalition and said the city has now resolved more than three-quarters of the contracts that were pending when he first took office last year.
The New York Times has reached a new contract deal with the union representing the majority of its newsroom employees, ending more than two years of contentious negotiations that included a 24-hour strike. The agreement, if ratified, will give union members immediate salary increases of up to 12.5 percent to cover the last two years and 2023, and will raise the required minimum salary to $65,000, up from about $37,500. The deal includes a contractual agreement on hybrid work and eligibility for paid sabbatical leave of four weeks for every 10 years worked at the company.
Minor league players have ratified their first collective bargaining agreement, which covers roughly 5,500 players and includes salary increases and improvements to working conditions. The deal also includes changes to club reserve rules, housing policies, transportation guarantees, and health and retirement benefits. MLB owners are expected to ratify the deal soon.
Major League Baseball and the minor-league players in the MLB Players Association have reached an agreement on a collective bargaining agreement, the first in history that will apply to minor-league players. The CBA will have a five-year duration and will at least double pay at all levels. Additionally, players will be paid "almost year-round." Other changes include a reduction in the Domestic Reserve List, a joint drug agreement and domestic violence policy, and improved housing and transportation for players.