What Is The Average Salary Increase For 2024. Salary increase budgets in 2023 reached their highest level in 20 years, new research shows, and employers are planning to stay fairly aggressive on pay going into next year despite looming. Average actual salary increases hit 5.4% in 2023 as compared to 5.0% in 2022 among organizations in the top 15 economies around the world.

One source predicts a slightly lower increase of 3.8%, while another estimates a modest increase of 3.5%. The median pay award in 2023 was 5.0 per cent, increasing by one per cent from july 2022 predictions.