November 29, 2022

Taylor Daily Press

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Civil servants see wage increases four times this year

Civil servants see wage increases four times this year

© Peter Hills

Civil servants’ wages will be increased four times this year by 2% each time. This is evident from the new forecasts from the Federal Planning Office.

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High wages of government employees is a result of high rates of inflation. As a result, the spindle pointer is bypassed faster than usual. If the pivotal indicator is exceeded, the social benefits and wages of civil servants increase.

This 2 percent increase in bets occurred first in February, then in April and a third increase is scheduled for June, following the recent breakout of the pivot index in April.

But according to the calculations of the Planning Office, benefits and wages for civil servants will be increased for the fourth time by 2%. After all, the bureau expects another overshoot of the pivotal indicator in October, a month earlier than originally planned. This means that benefits in November and wages for government employees will rise in December.

2023

In addition, the Planning Office expects the pivotal indicator to be exceeded again in February 2023. This should again lead to the indexation of social benefits and civil servant wages by 2 percent in the following months. In the rest of 2023, there will be no more excesses.

The Planning Office is also raising its annual inflation forecast. It will not fall below 7.8 percent this year (versus 7.3 percent in a previous forecast), and 3.4 percent next year.

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The salaries of civil servants are not only adjusted by life expectancy. High inflation rates also lead to higher wages in the private sector. This happens at a different pace in each sector. For some sectors, this happens monthly, for others once a year.

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