Business Services Industry
Minnesota Employers Probably Will Cap Merit Pay Hikes at Around 3.8 Percent.
Knight Ridder/Tribune Business News, December, 2002
By Casey Selix, Saint Paul Pioneer Press, Minn. Knight Ridder/Tribune Business News
Dec. 13--If your employer gives merit pay next year, the increase probably won't go much higher than 3.8 percent in Minnesota, according to a recent survey by Deloitte & Touche.
Still, that's better than the 1.4 percent cost of living adjustment that the U.S. government is giving Social Security recipients in January.
This is the third year of modest merit pay increases in a slow economy, accounting firm Deloitte & Touche reported in a survey of 130 large companies nationwide, including 24 in Minnesota.
Minnesota's median merit increase of 3.8 percent is slightly higher than the national median of 3.5 percent, said Larry Montan, compensation...
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