Inflation, 2023 Federal Pay Raise, and Declining Wealth As 2022 Winds Down
While the anticipated 2023 federal pay raise is 4.6%, on average, inflation has slowed to an annual increase of 7.1%.
Federal employees under the General Schedule (GS) get an annual pay raise most years. Articles in this section are an important resource for federal employees to stay informed about their pay and any potential changes that may affect their salaries. These articles emphasize the importance of understanding the factors that contribute to pay adjustments and the broader economic context in which these decisions are made.
While the anticipated 2023 federal pay raise is 4.6%, on average, inflation has slowed to an annual increase of 7.1%.
What will federal employee pay be in 2023? Here is an estimate of the 2023 GS pay scale for each GS grade and step. Final figures will be out later this month.
There will be changes to a couple of 2023 GS locality pay areas.
Inflation has been rising fast, and the 2023 COLA was just announced. Even with a projected 2023 pay raise of 4.6%, purchasing power is declining fast.
Is 2022 a good year to retire? How do the annual pay raise, inflation, and COLAs compare during similar economic circumstances under Presidents Carter and Biden?
President Biden has issued the letter outlining his alternative pay plan of a 4.6% average increase for the 2023 federal pay raise.
The Federal Salary Council said that federal employees are underpaid by an average of over 20%. Does this mean you should expect a pay raise of this size?
The 2023 pay raise is moving and still at 4.6%. Action is also taking place in the Senate on removing the long pay freeze for some senior officials.
A key spending bill makes another case for a 4.6% 2023 federal pay raise.
A draft bill in Congress is proposing paying some federal employees a 2023 inflation bonus to help offset rapidly rising inflation.