Employers are projecting smaller pay increases in the year 2025 compared to actual salary bumps this year, according to a recent report from Mercer.
For next year, employers are projecting a 3.4 per cent overall increase budget and a 3.0 per cent merit increase budget.
Both are lower than the 3.5 per cent and 3.2 per cent actual increases seen in 2024. The projections for 2025 are also lower than the increases employers provided in 2023.