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Salary Increases On The Horizon
Description
Eager to attract skilled workers, employers are planning salary increases of 4% or more next year. However, even with that raise, it may not be enough for workers to meet the costs of inflation, which was 8.2% in September. Although the IRS adjusted income tax brackets in 2023 for inflation, workers may be subject to higher health care costs and Social Security taxes, which saw an 8.7% increase to account for the cost of living expenses for its recipients.
Keywords & Tags
#labor
#inflation
#business
#new jobs
#workforce
#employees
#economic recovery
#employers
#labor market
#cost of living
#2023
#job
#jobs increase
#Salaries
#How Your Paycheck Will Be Affected by Inflation
#skilled workers
#salary increases
#costs of inflation
#income tax brackets
#higher health care costs
#Social Security taxes
#living expenses
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