[jsfg_cinti] Pay Raises Getting Smaller

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Pay Raises Getting Smaller
The Associated Press
July 30, 2003
U.S. employers this year and next are handing out the smallest pay raises since 
at least the mid-1970s -- well below the 4 percent-plus increases routine 
before the economy lost its footing.

Companies surveyed in two studies said they have budgeted raises averaging 3.3 
percent to 3.5 percent this year and plan about the same next year.

The belt-tightening reflects rising worker health care bills and pension costs 
and a weak economy that has made it difficult for companies to raise prices for 
their products, according to a survey to be released Wednesday by Mercer Human 
Resources Consulting.

Also, the small raises reflect the anemic job market, with its oversupply of 
workers, according to the Mercer survey and another put out last month by the 
Conference Board, an industry research group.

"People are flogging their workers to get more out of them as a means to 
increase profits, coupled with the fact that there's more supply than demand 
for labor today," said Steven Gross, a compensation consultant for Mercer.
...

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Details at URL:
http://www.newsday.com/business/ny-biz-pay0729,0,1152963.story?coll=ny-top-headlines




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