June 9 (UPI) -- As inflation hovers at a 40-year high and with many wages already up by almost 5% this year, some U.S. employers are looking to raise worker pay again this year, according to a survey.
The Pearl Meyer compensation planning survey this month says that base wage and salary hikes this year were 4.8% for all employee groups combined, and found that about a third of employers are planning mid-year hikes.
"Based on participant responses collected during the third quarter of 2021, Pear Meyer's annual, in-depth compensation planning survey projected that 2022 salary increase budgets would be consistent with previous years. However, after that survey was conducted, inflation continued to rise through the fall and the labor market became even more competitive," the survey states.
Pearl Meyer said total base salary increases hovered in the low 3% range for the past two decades.
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