Although President Joe Biden signed an executive ordering giving federal employees a substantial pay bump going into the new year. However, that increase is still not up to inflation.
Executive order “General Schedule” Employees receive a 4.6% increase in pay, 4.1% of a raise, and 0.5% cost-of-living adjustments. General Schedule employees are a broad range of civil federal workers.
“The other schedules contained herein are effective on the first day of the first applicable pay period beginning on or after January 1, 2023,” The order was placed.
The increase is greater than the 2.7% increase over the same period last year.
Biden stated that the raise would come in August. He wrote to Nancy Pelosi, D.Calif., House Speaker, and Kamala Harris, her vice president of Senate, about the changes.
“Title 5, United States Code, authorizes me to implement alternative plans for pay adjustments for civilian Federal employees covered by the General Schedule and certain other pay systems if, because of “national emergency or serious economic conditions affecting the general welfare,’ I view the increases that would otherwise take effect as inappropriate,” The letter contained the following: “Accordingly, I have determined that it is appropriate to exercise my authority to set alternative pay adjustments for 2023.”
However, this increase is not enough to keep pace with rising prices since Biden became president. This 4.6% increase is much less than the rise of consumer prices and almost a third more than the increase in certain items, such as groceries, in the past year.
The U.S. Bureau of Labor Statistics published its latest Consumer Price Index report earlier in the month. It showed that prices increased 7.1% over the past 12 months.
The Personal Consumption Expenditure Index showed a 5.5% rise in the past twelve months. This is almost one federal inflation indicator.
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