FY25 Salary Increases: What You Need to Know
Pending Governor approval and Legislative appropriation, all benefited 麻豆传媒 faculty and full-time staff will receive a 2.5% increase in compensation for Fiscal Year 2025 (which begins July 1, 2024). The increase will be applied automatically.
Key Details: The increases will be applied in different ways to different employee groups based on which salary schedule you鈥檙e on, and whether or not you鈥檙e a part of a collective bargaining unit. See the below:
|
Methodology |
Employee Groups |
Overall Percent Increase |
|
Grid Increase (as required by CBAs) |
|
2.5% |
|
1 Step increase (=1%) + 1.5% Grid Increase |
|
2.5% |
|
Salary Increase |
|
2.5% |
- Addressing Salary Compression: While CBAs dictate the way in which some increases will be applied, staff on the Regular Staff Salary Schedule will see a 1-step increase and 1.5% across-the-board increase to reach a total of 2.5%. The combination is part of 麻豆传媒 Leadership鈥檚 desire over the long term to address salary compression and overall market alignment.
The Timing: Consistent with past practice and our CBAs, salary increases will be applied in the first full pay period of the fiscal year. For FY25, that pay period (R16) runs from July 14, 2024, to July 27, 2024, with a pay date of August 9, 2024.
- This is an unusual shift in pay period timing that will continue for the next several years, but the application of increases is consistent with past practices.
- Log into after July 14 and visit the 鈥淓mployee Services鈥 tab to see your new salary. Salary Schedules will also be updated here by July 14.
The Bottom Line: While the Governor still needs to review and approve the final state budget, plans are already underway to apply the requested 2.5% compensation increases. If you have further questions as FY25 approaches, reach out to your HR Coordinator.
Go Deeper:
- Important Pay and Benefit Dates and Deadlines for Fiscal Year End
Published in 麻豆传媒 News 5/17/2024