Salary Increases On The Horizon

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.