A general periodic salary increase that is valid for the entire pay period of the year (January 14 to 27 in most cases) should be reflected in the pay distribution that covers that period, and in most cases the employee You should receive your paycheck in the last few days.
Salary increases averaged 5.2%, but varied from 5.7% in the Seattle-Tacoma region to just under 5% in some regions, including the Rest of the United States region, which encompasses areas outside metropolitan areas. .
It is also worth noting that the GS salary cap is based on political appointee rates based on the executive schedule. This causes a “salary compression” effect at higher levels of GS, increasing by the overall portion of the raise (in this case his 4.7 percent). This limit, currently $191,900, applies to his GS-15 in the upper step (step 10 only in some areas) in most areas, as well as his GS-15 in the San Francisco area. It also applies to those in higher steps. , highest paid.
While salaries for career senior executives and other high-level pay scales that are paid within a certain range do not automatically receive raises, the reality is that many agencies offer performance-based pay increases. We are giving a raise in January. In most cases, the salary cap under these systems is currently $221,900.
Pay grade employees receive raises at different times of the year according to individual systems based on region. Their raises are generally comparable to raises for GS employees in the region, but there are exceptions and a complex cap system applies.
TSP investments automatically increase with raises for the person investing based on a percentage of their salary. The agency’s automatic contributions under FERS (1% of salary) and matching contributions (up to an additional 4%) will automatically increase as well. For those who invest on a dollar amount basis, the amount invested does not increase unless you choose to increase that amount. FERS matching contributions will not increase unless you do so, but automatic contributions will increase regardless.
FEGLI Basic and Option B premiums also automatically increase as your salary increases, as coverage is tied to your salary rate.
New tax rates under the FEHB and FEDVIP programs also took effect on January 14 for federal employees and should be reflected in future pay distributions. For a retiree, these rates are valid as of the beginning of his January and must be reflected in his February pension payment that covers January.
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See also:
Acquisition, Accumulation, and Use of Sick Leave in the Federal Government
What TSP millionaires do that others don’t do
2024 FEHB Premiums and Coverage
How much money is enough for retirement?
2024 Regional Salary Schedule
Deciding when to apply for Social Security benefits
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