Never miss a story — sign up for PLANSPONSOR newsletters to keep up on the latest retirement plan benefits news.
Benefits April 16, 2008
4% Average Salary Increase Projected for 2009
April 16, 2008 (PLANSPONSOR.com) - The ERI Economic
Research Institute's evergreen Salary Increase Survey reports
an average salary budget increase of about 4% for 2009, down
only slightly from the 2008 level of 4.1%.
Reported by Rebecca Moore
In a news release, ERI said increases tend to be more and more based on what a person does and the industry of the employer. In general, individuals who earn less are seeing lower increases, while more skilled and higher earning individuals within certain job groups receive more, according to the release.
By job function ERI found the average increase projected for executives is 4.3%, while middle management is projected to receive an average 4.2% increase in salary in 2009. The projected increase for professional positions is 4%, for technicians is 3.9%, and for general, non-union employees, 3.6%.
By industry, employees in Petroleum and Coal, Health Care, and Consulting Services should expect higher than average increases, while increases for Real Estate, Air Transportation, and Paper/wood Products employees will lag the average.
The complete 343-page 2009 ERI Salary Increase Survey report provides information on what increases were paid last year and what is expected for the coming year by industry, broad job function, individual job title, and geography. To order a copy of the report, visit www.erieri.com or call 800-627-3697.