2024 Cost Of Living Increase For Employees 2024. Though employees want higher wages to mitigate the cost of living, as organizations prepare for 2024, they need to balance cost management and affordability with. Employers plan to offer an average salary increase of 4% for 2024, according to a new survey from wtw, which advises companies on compensation issues.
The amount of the 2024 cost of living adjustment (cola) will be announced on october 12, 2023. $41,781 ($33,878 + $7,903 special rate supplement).