Merit Increase Projections For 2024. Respondents reported that average overall salary increase budgets. Employers shelled out total compensation increases that averaged 4.1% and merit increases that averaged 3.8% in 2023 to remain competitive in a strong labor.
Employers found annual merit increase budgets increased by 3.3%, on. Employers forecast raising their merit increase budgets by 3.5% and total salary increase budgets by 3.8% on average for 2024, according to mercer’s u.s.
