Anticipated Pay Raise for Federal Workers in 2024

Federal employees are to receive an average pay raise of 5.2% in 2024. This figure includes an across-the-board raise of 4.7%, with an additional 0.5% on average for locality adjustments.

If approved (it’s expected to pass), the new pay increase will become effective on January 1, 2024.

This marks the largest annual increase in salaries for federal employees since 1980. Yet, some argue that it should be greater. Given that the overall pay increases over the previous five years have been quite short of inflation, we’re inclined to concur.

There are things that federal employees can do to help easy the effects of inflation on their retirement. If you’re a federal employee considering retirement in the next 5-10 years, now might be the perfect time for you to complete your federal benefits workbook and talk with a Benefits Specialist about some of the things you can do to prepare for the years ahead. If that’s you, don’t wait, get your federal benefits workbook today and speak with a specialist: https://myfedbenefitshelp.com/contact-us/free-benefits-workbook/