Just over half of HR professionals reported that their company's average 2008 raise would exceed the projected 2.3 percent cost of living increase, according to a recent Compensation.BLR.com poll.
When asked "Will your average 2008 raise exceed the projected 2.3 percent cost of living increase?," 55 percent responded "Yes" while 20 percent responded "No." Meanwhile, 15 percent responded that "We don't know yet," while 10 percent responded "What raises?"
In October, the Social Security Administration projected a 2.3 percent cost of living increase for 2008.
Earlier this year, the American Payroll Association asked American workers whether their most recent pay raise covered the increase in cost of living, calculated by the government to be 3.3 percent for 2007. Just 37 percent of these workers said that it had.
The Compensation.BLR.com poll included 396 respondents.