What is the projected average pay increase for 2024?
Answer: C (4.1%)
According to SHRM, Society of Human Resource Management, employers plan to boost salaries an average of 4.1 percent in 2024 down from 4.4% in 2023. Merit increases were 1.4 percent higher for top performers than those for middle performers and 3.9 percent higher than poor performers. Overall company compensation budgets reached an all-time high in 2023.
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