Budget passes with raises, bonus for retirees | State Employees Association of North Carolina (2024)

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Budget passes with raises, bonus for retirees | State Employees Association of North Carolina? ›

The budget includes: A 4% pay raise in 2023 and a 3% raise in 2024 for most state employees, including non-certified school personnel, community college, and UNC employees. A 4% one-time supplement for retirees in 2023. A 5.5% pay raise in 2023 for employees on a step-pay plan and an additional 3% in 2024.

AN ACT AWARDING TO STATE EMPLOYEES A FIVE PERCENT APPRECIATION PAY INCREASE IN THE 2024-2025 AND 2025-2026 FISCAL YEARS AND A ONE-TIME FIVE THOUSAND DOLLAR BONUS IN THE 2024-2025 FISCAL YEAR AND PROVIDING A TWO PERCENT COST-OF-LIVING ADJUSTMENT FOR RETIREES OF THE TEACHERS' AND STATE EMPLOYEES' RETIREMENT SYSTEM, THE ...

Under the state's budget passed last year, retired state employees will receive a one time 4% cost-of-living adjustment (COLA). A COLA is meant to help retirement benefits keep up with the inflation rate.

Retention Bonuses: Provides bonuses in FY 2023-24 to all state employees and state-funded local employees regardless of funding source. These funds will be used to provide a $1,500 bonus to employees making less than $75,000 per year and a $1,000 bonus to all state employees making more than $75,000 per year.

The proposed spending plan would give state employees an additional 1% raise, raise the starting salary for teachers to $44,000, allocate more money to private school vouchers and give cost-of-living bonuses to state retirees.

This one-time payment is equal to 4% of the annual retirement allowance. Once paid, monthly benefit payments will return to the levels they would have been without the supplemental increase.

You may retire with unreduced service retirement benefits after: you reach age 65 and complete five years of creditable service, or. you reach age 60 and complete 25 years of creditable service, or. you complete 30 years of creditable service, at any age.

A 4% one-time supplement for retirees in 2023. A 5.5% pay raise in 2023 for employees on a step-pay plan and an additional 3% in 2024. Labor market reserves for agencies to use to address certain position salaries to bring them more in line with similar positions. Funding for the State Health Plan and retirement system ...

COLA 2024. According to the Social Security Administration, Social Security retirement benefits increased by more than $50 per month in 2024 on average. The average monthly check for a single retired worker rose to $1,907 in 2024 from $1,848 in 2023.

What is the NC state employee retention bonus for 2024? ›

(d) Employers of State employees and local education employees shall provide an additional retention bonus of two hundred fifty dollars ($250.00), payable during the month of April 2024, to all permanent full-time State employees and local education employees who are employed by the State or a public school unit from ...

Berger, president pro tem of the North Carolina Senate, told reporters that House leaders wanted to appropriate not just the $1 billion in revenue surpluses projected for the 2023-24 and 2024-25 fiscal years but as much as $1 billion more from state reserves.

Your employer will withhold tax from your bonus plus your regular earnings according to your W-4 answers. Your bonus will be taxed the same as your regular pay, including income taxes, Medicare, and Social Security.

In determining the Percentage of Average Salary, the average state employee's years of service are 12 years and average state employee salary is $62,997.

The state's ratio of women's-to-men's earnings has increased, ranging from a low of 75.6% in 1999 to a high of 88.4% in 2009, and consistently remaining above 80% since 2003. In addition, women's weekly earnings in North Carolina experienced a 12% increase from 2021 to 2022, $803 and $902 respectively.

All employees will be paid on either a bi-weekly or monthly pay cycle. Only Department of Transportation employees and temporary employees in all agencies will be paid on a bi-weekly basis. Use this guide to assist you in reading your pay statements viewed/printed from ESS or distributed by your agency.

Under recent tax changes, North Carolina's individual income tax rate will decrease every year until it reaches 3.99 percent for tax year 2026. The rate for tax year 2023 was 4.75 percent. That decreased to 4.5 percent for tax year 2024, and it will decrease to 4.25 percent for tax year 2025.

Effective 7/1/2024. The benefit rate for members of the Public School Employees Retirement System (PSERS) has been raised for PSERS members, retirees, and beneficiaries to $17.00 per month per year of service. This increase is effective 7/1/2024 and will be reflected in the July 2024 pension payment.

By: Alander Rocha - April 17, 2024 5:33 pm

Randall Shedd, R-Fairview, would provide a 3% cost-of-living increase for state employees who retired before Oct. 1, 2023. Local governments would have the option to opt-in to the cost-of-living adjustment, but the funding would come out of the local budget.