So what kind of raise did you guys get for 2021?

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Mike Scott
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Re: So what kind of raise did you guys get for 2021?

Post by Mike Scott »

The proposed pay cut from last summer was rescinded and the new lower cost of health insurance for 2021 means my take home pay will actually increase a few dollars a month but not enough to cover the increase in estimated health care costs. We are going into year five of no COLA. Good people are leaving and we can't fill emergency/essential positions. The general hiring freeze is holding at about 10% open positions. If this place can stay open for a couple more years I may join the ones who are leaving when I am eligible for full pension (the primary reason I am still here).
planetmike
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Re: So what kind of raise did you guys get for 2021?

Post by planetmike »

No raise, hours cut. I'm in a non-patient care position at a hospital emergency room. Significant raises given to caregivers via hourly base wage, hourly incentive pay, and an extra week of vacation.
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whodidntante
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Re: So what kind of raise did you guys get for 2021?

Post by whodidntante »

My raises are not linked to inflation and there is no discussion about cost of living. Raises are also not assured. I did not receive a raise in 2020, although I got the largest YOY raise of my life in 2019. I may get a small raise in Q2 2021.
Jack FFR1846
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Re: So what kind of raise did you guys get for 2021?

Post by Jack FFR1846 »

Raise? What's that?

When executives at our company royally screwed up, costing the company Billions, we all got to "sacrifice" our quarterly bonuses. When Covid hit, we all got to "volunteer" for 10% pay cuts. Those not willing to sacrifice or volunteer, well, they work for someone else. I'll be happy with a zero raise and no more "voluntary" cuts in my compensation. On the good side, health insurance starting in the new year is more expensive with higher copays, higher deductibles and higher out of pocket max (which I hit almost every year).
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HawkeyePierce
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Re: So what kind of raise did you guys get for 2021?

Post by HawkeyePierce »

I won't find out till March, but I've heard through the grapevine that our 2020 bonuses have been fully funded, so there's that at least. My bonus target is 20% so that'll be nice, though the past two years our bonus pool was funded at 200% so this is sort of a cut.

I expect a small COLA bump and an RSU refresher grant.
Last edited by HawkeyePierce on Wed Dec 30, 2020 7:33 pm, edited 1 time in total.
KlangFool
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Re: So what kind of raise did you guys get for 2021?

Post by KlangFool »

I was laid off this year. I am unemployed now. Year to date, my portfolio grew as much as my gross salary this year. I guess I had a raise.


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novemberrain
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Re: So what kind of raise did you guys get for 2021?

Post by novemberrain »

ours was not a raise in the typical sense that they increased our base salaries. But due to the vagaries of the stock market & some performance based comp, our household income hit about 1.2M for the year. Feel just insane. Last year it was 900 or so. So 33% "raise". Fully expecting HHI TC to go below 1m in 2021
Last edited by novemberrain on Wed Dec 30, 2020 1:39 pm, edited 1 time in total.
DesertDiva
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Re: So what kind of raise did you guys get for 2021?

Post by DesertDiva »

Received a modest bonus in 2020 (which has been typical each year) but raises were delayed until January. I just received a promotion, so I will have to see if/how this affects compensation.
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AerialWombat
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Re: So what kind of raise did you guys get for 2021?

Post by AerialWombat »

I took a 5% haircut on my net this year, on purpose. Since I have given myself a mark of “perpetual underachiever” on my latest performance review, I will be aiming for a 20% raise in 2021, while continuing to reduce my hours and spend even more of the workday inebriated. :beer
Last edited by AerialWombat on Wed Dec 30, 2020 1:19 pm, edited 1 time in total.
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Colorado13
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Re: So what kind of raise did you guys get for 2021?

Post by Colorado13 »

I am anticipating the same as last year for the following:

Raise will be effective in February, likely 1-3%.
Bonus will be paid in March, likely 7-8%.

However....
Medical premiums will increase, I will earn 2 more vacation days in 2021 and all promotions have been frozen, so my potential 2020 promotion has been delayed until late 2021 or later. Despite my seniority, my vacation lags that of coworkers and the freeze on promotions is disappointing. WFH and increased medical insurance costs will eat up the raise, yet I am very thankful that bonuses have been promised.
joeblow
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Re: So what kind of raise did you guys get for 2021?

Post by joeblow »

Raise: ~2% on base salary.
Bonus: exceeded target # by an additional ~15%

I feel very fortunate, but I also worked very hard in 2020.
Foolish
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Re: So what kind of raise did you guys get for 2021?

Post by Foolish »

I am a non- union MA state employee and my agency rescinded our 2021 raises which was supposed to be 2%. For reasons I don't know my agency has created some new positions and budgeted for them that it intends to fill in 2021. This year we were required to take some furlough days that resulted in about a 2% overall pay reduction.
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englishgirl
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Re: So what kind of raise did you guys get for 2021?

Post by englishgirl »

Spouse got a 1.5% "adjustment" due to changes in the state's minimum wage. He is not on minimum wage, but I guess the company shuffles everyone on the lower end of the scale so that they all still have the same gap between them. Their raises are usually calculated in July but they didn't get anything last July as business was still down then and the company was uncertain about the future.

Me, I'm self-employed so who knows. I think I earned more in 2020 than in 2019 (just). My biz was down but not hugely and yet the unemployment pay I claimed in March-May should bump my total up slightly year-on-year. I am hoping for 2021 to involve no unemployment, no sickness and generally good earnings but if I've learned anything this year it's that nothing is certain.
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shorvath
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Re: So what kind of raise did you guys get for 2021?

Post by shorvath »

5% raise. Also the company moved to 100% employee ownership through ESOP, so it will be interesting to see what that actually entails for the future.
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BlueCable
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Re: So what kind of raise did you guys get for 2021?

Post by BlueCable »

7% in March due to my 2019 performance, and then another 12% in September for a promotion.

Spouse was down about 40% due to Covid closures and maternity leave.
new2bogle
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Re: So what kind of raise did you guys get for 2021?

Post by new2bogle »

Tingting1013 wrote: Wed Dec 30, 2020 11:58 am
Afty wrote: Wed Dec 30, 2020 11:57 am
Tingting1013 wrote: Wed Dec 30, 2020 11:55 am
Afty wrote: Wed Dec 30, 2020 11:54 am I'm a software engineer at a FAANG company. I got 11% this year, but this is after 3 consecutive years of flat compensation despite a promotion and increasing performance ratings. Early last year I made the case to my manager that I should get a significant raise this year, and he came through for me.
Three years of flat compensation at FAANG? The stock alone should have at least doubled
I'm not sure how people are reporting their compensation. I'm talking about salary + bonus + granted equity (not value at vest). Actual cashflow has significantly increased over the past 3 years thanks to vesting and the vagaries of the stock market.
RSU value at vest is kind of the whole point. You pay taxes on it so it’s the value that matters.

If the stock were to plummet would you still value it using grant price?
I use the lower value of the two (vest vs. grant) to floor my expectations.
Glockenspiel
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Re: So what kind of raise did you guys get for 2021?

Post by Glockenspiel »

Expecting a normal 3-4% at my small civil engineering company. Should find out in a week or so.
jayars35
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Re: So what kind of raise did you guys get for 2021?

Post by jayars35 »

Zero. Our governor closed businesses like mine for 6 weeks during the summer. We're still under restrictions on occupancy. I had to layoff 48 of my 52 employees. In April, I cut my pay 50% to save business funds.
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pahkcah
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Re: So what kind of raise did you guys get for 2021?

Post by pahkcah »

DW and I will receive a 1.3% COLA (our form of raise) for our Federal pensions and Social Security (SS).

For the 2022 year we're at a positive 0.16% based on the first two months of the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), which the SS and Federal COLA's are based on.
fatima526
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Re: So what kind of raise did you guys get for 2021?

Post by fatima526 »

6% and a promotion in March in recognition of my 2019 results / performance.

Expecting between 1-3% in March 2021 for 2020 results / performance.
jharkin
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Re: So what kind of raise did you guys get for 2021?

Post by jharkin »

Our merit cycle is May-May so I don’t know yet. May 2020 raise was already baked in before things got ugly so unaffected - I got 5% on a higher merit rating than the prior year when I got 4.5%.


Beyond that...We are a privately held well capitalized software firm that mostly sells to industry and universities and our revenues are actually slightly up from 2019 and just a little under the growth plan so profit sharing bonuses have been on par. I expect the 2021 merit cycle should be good as well unless the economy further tanks.
Last edited by jharkin on Wed Dec 30, 2020 4:34 pm, edited 1 time in total.
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anon_investor
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Re: So what kind of raise did you guys get for 2021?

Post by anon_investor »

yoga wrote: Wed Dec 30, 2020 9:42 am We don't get our 2020 performance results until March, so no idea yet.
+1.
Tingting1013
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Re: So what kind of raise did you guys get for 2021?

Post by Tingting1013 »

new2bogle wrote: Wed Dec 30, 2020 2:40 pm
Tingting1013 wrote: Wed Dec 30, 2020 11:58 am
Afty wrote: Wed Dec 30, 2020 11:57 am
Tingting1013 wrote: Wed Dec 30, 2020 11:55 am
Afty wrote: Wed Dec 30, 2020 11:54 am I'm a software engineer at a FAANG company. I got 11% this year, but this is after 3 consecutive years of flat compensation despite a promotion and increasing performance ratings. Early last year I made the case to my manager that I should get a significant raise this year, and he came through for me.
Three years of flat compensation at FAANG? The stock alone should have at least doubled
I'm not sure how people are reporting their compensation. I'm talking about salary + bonus + granted equity (not value at vest). Actual cashflow has significantly increased over the past 3 years thanks to vesting and the vagaries of the stock market.
RSU value at vest is kind of the whole point. You pay taxes on it so it’s the value that matters.

If the stock were to plummet would you still value it using grant price?
I use the lower value of the two (vest vs. grant) to floor my expectations.
This kind of conservatism is actually hazardous to your financial health. If your tax bracket expectations are significantly lower than what they actually end up being, you may suffer tax underpayment penalties and suboptimal asset location compared to someone who is more clear-minded about their actual income prospects.
stoptothink
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Re: So what kind of raise did you guys get for 2021?

Post by stoptothink »

jharkin wrote: Wed Dec 30, 2020 4:15 pm Beyond that...We are a privately held well capitalized software firm that mostly sells to industry and universities and our revenues are actually slightly up from 2019 and just a little under the growth plan so profit sharing bonuses have been on par. I expect the 2021 merit cycle should be good as well unless the economy further tanks.
Our revenue was also up for '20, but not as much as expected. There were some major decisions made "17-'19 with the expectation of continued growth that have turned out to be serious issues (ie. a huge new office/distribution facility, completed in late '19 that has remained empty and is now for sale), which has led to some tightening of the belt. Despite record revenue, this year saw the first layoffs in company history and bonuses across the board were cut (and nonexistent in many cases). I normally would know my raise/bonus well in advance, but because I transitioned to a new role (in a totally new department) I am totally in the dark. I'm a bit antsy today waiting to find out tomorrow if I got a raise at all.
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sergeant
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Re: So what kind of raise did you guys get for 2021?

Post by sergeant »

My city pension-2% COLA
DW county pension-2% COLA
My side gig small appliance repairs- No raise
My MLB event job-10% hourly but a lot less hours worked
AA- 20+ Years of Expenses Fixed Income/The remainder in Equities.
aas
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Re: So what kind of raise did you guys get for 2021?

Post by aas »

No raise for past 5 years at mega Corp. Corp is cutting pay and increasing health insurance premiums.
PowderDay9
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Re: So what kind of raise did you guys get for 2021?

Post by PowderDay9 »

The company pool was 3% in 2020 and will be 2.75% in 2021. Our company exceeded our 2020 financial and performance targets. The vast majority of employees will get 2.25% to 3%.
lazydavid
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Re: So what kind of raise did you guys get for 2021?

Post by lazydavid »

In July, I got a 0% increase, RSUs flat to last year, and a slightly larger bonus than last year, but still well below target. This despite my business unit absolutely destroying its metrics that are supposed to be the guiding principles behind bonus allotment, and the most glowing performance review of my career. 401k match was also eliminated, which ended the plan's safe harbor status, so between the two of those my wife and I each lost another ~$15k in 401k contributions and will get to pay a bunch of extra taxes as a result.

On the upside, the 401k match and safe harbor status is coming back for 2021, so there's that. Perhaps raises will return as well.
MoonOrb
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Re: So what kind of raise did you guys get for 2021?

Post by MoonOrb »

No raise this year. Raise unlikely next year.
Mudpuppy
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Re: So what kind of raise did you guys get for 2021?

Post by Mudpuppy »

I'm a state employee, so I read this title and laughed. Raises? What raises? In fact, the poor state budget means I'm taking a pay cut via furloughs, but my deadlines have not been adjusted to compensate for the furloughs, so the agency essentially just expects free overtime for deadlines to be met. The employee union is up in arms about that, but hasn't made much headway.
jeremyl
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Re: So what kind of raise did you guys get for 2021?

Post by jeremyl »

I'm very fortunate. I get my last step on the teacher pay scale (4% raise). It's hard to say what will happen in 2022 as the state is going to be doing it's 2 year budget during this next legislature session. Supposedly they're going to be able to spend more in education but my district is trying to cut $5m due to loss of enrollment because of covid. I'm guessing salary freezes in January 2022 though.
oldfort
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Re: So what kind of raise did you guys get for 2021?

Post by oldfort »

1% raise, might be zero in net pay if insurance goes up
Last edited by oldfort on Thu Dec 31, 2020 10:08 pm, edited 1 time in total.
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GerryL
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Re: So what kind of raise did you guys get for 2021?

Post by GerryL »

Garco wrote: Wed Dec 30, 2020 12:28 pm I'm raiseproof -- retired. But my tax-deferred investments grew a lot in the past year. Though aided somewhat by the small increment in the RMD percentage, the market has contributed more to my mandated monthly income than the RMD percentage increment.
Retired here, too. Was just looking at the earnings on my portfolio for Q4 and discovered that they amount to about 4 months worth of SS. Since most or even all of that will be reinvested, I guess that will work as a raise for next year.

BTW, at Megacorp where I used to work, our raises were announced in late Q1 and handed out early in Q2.
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tooluser
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Re: So what kind of raise did you guys get for 2021?

Post by tooluser »

Raise- and bonus-wise, one of the best years of my life. Apparently working from home suits me very well. Or I am able to rise well to meet significant challenges with high residual utility. Or I was just lucky.

As I approach retirement, the evil side of me :twisted: wants my company to do relatively poorly and offer a retirement incentive at just the right time. They have offered them before, one in particular that would cause me to retire immediately. However, the good side of me 8-) will dominate and I will continue to do my best every day until the time is right. Life is better when things go well.

For those who did not get what they hoped for, it's important to evaluate the short and long-term trends of your life as a whole, and make the right employment choice for yourself. Despite leadership's words of encouragement, maybe the ship really is sinking. Maybe you need a change. Maybe it's going to be okay. Hard to tell, deserves some real thought. Been there, done that.
Tracker968
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Re: So what kind of raise did you guys get for 2021?

Post by Tracker968 »

Zero increase.
jayars35
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Re: So what kind of raise did you guys get for 2021?

Post by jayars35 »

jeremyl wrote: Wed Dec 30, 2020 7:40 pm I'm very fortunate. I get my last step on the teacher pay scale (4% raise). It's hard to say what will happen in 2022 as the state is going to be doing it's 2 year budget during this next legislature session. Supposedly they're going to be able to spend more in education but my district is trying to cut $5m due to loss of enrollment because of covid. I'm guessing salary freezes in January 2022 though.
I can somewhat relate. I retired from teaching in July 2015. My last six years, we received a single 1.5% raise. No step increases. Due to increases in our health insurance cost, my take home in 2015 was less than in 2009.
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Annabel Lee
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Re: So what kind of raise did you guys get for 2021?

Post by Annabel Lee »

Anyone at 0% (or worse) should be in the market for a new job.

Actually blown away at the “well, been flat for 3 years...” replies.

Invest the time to see what you’re worth on the open market.

From some of the other replies... this K shaped recovery is creating massive winners.
Tingting1013
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Re: So what kind of raise did you guys get for 2021?

Post by Tingting1013 »

Annabel Lee wrote: Thu Dec 31, 2020 1:58 am Anyone at 0% (or worse) should be in the market for a new job.

Actually blown away at the “well, been flat for 3 years...” replies.

Invest the time to see what you’re worth on the open market.

From some of the other replies... this K shaped recovery is creating massive winners.
The amount of posts spent on this site trying to maximize one’s investments rather than one’s human capital and earning potential is way out of proportion.
Mudpuppy
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Re: So what kind of raise did you guys get for 2021?

Post by Mudpuppy »

Annabel Lee wrote: Thu Dec 31, 2020 1:58 am Anyone at 0% (or worse) should be in the market for a new job.

Actually blown away at the “well, been flat for 3 years...” replies.

Invest the time to see what you’re worth on the open market.

From some of the other replies... this K shaped recovery is creating massive winners.
There's more than salary to consider. I'm on a classic CalPERS pension plan, which is no longer available to new employees or those that leave California government employment for 6 months or longer. My classification and contract are also such that my position is fairly safe from budget cuts and it would take gross negligence or other negative actions on my part before I could be fired.

It would have to be quite a large step up in compensation to counter-balance losing service credit towards the pension and that level of job security in the current economy. I also worked in industry for a few years prior to joining this agency and the hours were insane. Granted, that was during the dot-com boom era, but still, prior to the pandemic, the hours were much nicer at my agency.
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SmileyFace
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Re: So what kind of raise did you guys get for 2021?

Post by SmileyFace »

Mudpuppy wrote: Thu Dec 31, 2020 5:30 am
Annabel Lee wrote: Thu Dec 31, 2020 1:58 am Anyone at 0% (or worse) should be in the market for a new job.

Actually blown away at the “well, been flat for 3 years...” replies.

Invest the time to see what you’re worth on the open market.

From some of the other replies... this K shaped recovery is creating massive winners.
There's more than salary to consider. I'm on a classic CalPERS pension plan, which is no longer available to new employees or those that leave California government employment for 6 months or longer. My classification and contract are also such that my position is fairly safe from budget cuts and it would take gross negligence or other negative actions on my part before I could be fired.

It would have to be quite a large step up in compensation to counter-balance losing service credit towards the pension and that level of job security in the current economy. I also worked in industry for a few years prior to joining this agency and the hours were insane. Granted, that was during the dot-com boom era, but still, prior to the pandemic, the hours were much nicer at my agency.
I was going to respond to Annabel with a statement such as "sounds like the only job-type/industry you understand is your own" - but you essentially beat me to it.
vested1
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Re: So what kind of raise did you guys get for 2021?

Post by vested1 »

Broken Man 1999 wrote: Wed Dec 30, 2020 11:06 am According to our Social Security COLA info we received a 1.3% increase.

After adjustment for Medicare, I received an increase of $28/month, DW received increase of $12/month, compared to 2020.

Broken Man 1999
My wife will get her raise tomorrow of $26, which means I'll get a raise of $13. That will mean, after the increase in Medicare Part B, she will get a $22 raise and I will get a $9 raise. Good thing we both have HRA's from our former employers that pay all those premiums back to us, making those COLA increases on SS actual.

The 1.3% COLA increase is reflected in my restricted application of my wife's benefit. In addition to the 32% my own benefit will have increased by the time I turn 70 in 1.5 years, I can add another 5.7% from COLA so far since my FRA. A 37.7% increase for the delay with a larger base amount (than my wife's), not including the COLA for next year makes waiting worth it. If a modest .3% COLA raise is announced in late 2021, that would bring it to 38% since my FRA.

I think you can categorize that as delayed gratification. That being said, I think anyone would welcome a 38% raise in 4 years time. Average 9.5% a year? I'll take it.
Last edited by vested1 on Thu Dec 31, 2020 7:25 am, edited 3 times in total.
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dziuniek
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Re: So what kind of raise did you guys get for 2021?

Post by dziuniek »

3.5% comin' in hot second paycheck of january!
WannabeBogleHead01
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Re: So what kind of raise did you guys get for 2021?

Post by WannabeBogleHead01 »

2% company-wide
OhBoyUhoh
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Re: So what kind of raise did you guys get for 2021?

Post by OhBoyUhoh »

AerialWombat wrote: Wed Dec 30, 2020 1:18 pm I took a 5% haircut on my net this year, on purpose. Since I have given myself a mark of “perpetual underachiever” on my latest performance review, I will be aiming for a 20% raise in 2021, while continuing to reduce my hours and spend even more of the workday inebriated. :beer
Thanks for my morning laugh! 1% base salary increase for me expected.
tenkuky
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Re: So what kind of raise did you guys get for 2021?

Post by tenkuky »

Raises?
Raises?
We didn’t get no raises.
We’re not expecting no raises.
The employer is not giving any stinking raises.
:mrgreen:
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Michael Patrick
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Re: So what kind of raise did you guys get for 2021?

Post by Michael Patrick »

I'm a state employee, so I get the 2% general wage adjustment that was included in the pay plan for this biennium.
V1RTUS
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Re: So what kind of raise did you guys get for 2021?

Post by V1RTUS »

Will probably get somewhere around 2-3% in Feb or Mar. 2020, ironically, was actually my most successful year for increasing salary. Got almost 15% raise in Sep from 62 to 71k. Got a promotion in December that bumped me another 40% to 100k. So just north of 61% for the year.
"I will do today what others won't, so that I can do tomorrow what others can't."
Tingting1013
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Re: So what kind of raise did you guys get for 2021?

Post by Tingting1013 »

SmileyFace wrote: Thu Dec 31, 2020 7:05 am
Mudpuppy wrote: Thu Dec 31, 2020 5:30 am
Annabel Lee wrote: Thu Dec 31, 2020 1:58 am Anyone at 0% (or worse) should be in the market for a new job.

Actually blown away at the “well, been flat for 3 years...” replies.

Invest the time to see what you’re worth on the open market.

From some of the other replies... this K shaped recovery is creating massive winners.
There's more than salary to consider. I'm on a classic CalPERS pension plan, which is no longer available to new employees or those that leave California government employment for 6 months or longer. My classification and contract are also such that my position is fairly safe from budget cuts and it would take gross negligence or other negative actions on my part before I could be fired.

It would have to be quite a large step up in compensation to counter-balance losing service credit towards the pension and that level of job security in the current economy. I also worked in industry for a few years prior to joining this agency and the hours were insane. Granted, that was during the dot-com boom era, but still, prior to the pandemic, the hours were much nicer at my agency.
I was going to respond to Annabel with a statement such as "sounds like the only job-type/industry you understand is your own" - but you essentially beat me to it.
So the majority of posters in this thread are trading raises for pensions? Somehow I doubt it
joe3411
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Re: So what kind of raise did you guys get for 2021?

Post by joe3411 »

5%. Individual contributor under 40 at S&P 500 company, make under $100k. Not everyone in group received a raise this year.
Normchad
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Re: So what kind of raise did you guys get for 2021?

Post by Normchad »

Tingting1013 wrote: Thu Dec 31, 2020 2:37 am
Annabel Lee wrote: Thu Dec 31, 2020 1:58 am Anyone at 0% (or worse) should be in the market for a new job.

Actually blown away at the “well, been flat for 3 years...” replies.

Invest the time to see what you’re worth on the open market.

From some of the other replies... this K shaped recovery is creating massive winners.
The amount of posts spent on this site trying to maximize one’s investments rather than one’s human capital and earning potential is way out of proportion.
This is the truth. I would council young folks today to get serious about this. Find good mentors, get additional specialized training, use a coach if it makes sense, etc. find a way to be more valuable so that you can earn more. (And also save a bunch of money for your future). Don’t just let life happen to you......
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