2024 Cost Of Living Increase For Employees. Competitive wages that align with cost of living adjustments should factor into your hiring, retention, and compensation strategies for 2024. As employers begin to figure out their 2025 pay strategies, new data indicates that next year’s raises may be even lower than what other reports have estimated.
The amount of the 2024 cost of living adjustment (cola) will be announced on october 12, 2023. Some retirees are going to be disappointed.