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Pay Raise

2024 Federal Pay Raise: How About 8.7%?

FedSmith.com author Ian SmithBy Ian SmithUpdated: January 30, 2023 1:53 PM Categories Federal Employee Pay News Leave a comment
Illustration of bags and piles of money growing in size from left to right with a rising trend line arrow above them depicting growing savings/wealth for retirement

Legislation has been introduced to set the 2024 federal pay raise for federal employees at 8.7%.

4 Things That Can Boost Your Savings in 2023

FedSmith.com author Francis Xavier (FX) BergmeisterBy Francis Xavier (FX) BergmeisterJanuary 26, 2023 9:47 AM Categories Federal Employee Retirement Leave a comment

Changes on tap for 2023 offer federal employees an incentive to save more towards retirement.

2024 COLA? 2022 Inflation 6.5%, COLA 8.7%, Average Raise 4.6%

FedSmith.com author Ralph R. SmithBy Ralph R. SmithJanuary 12, 2023 10:00 AM Categories Federal Employee Retirement Leave a comment
December 2022 inflation rate 6.5% 2022 inflation over the last 12 months as of December 2022 and its impact on everyday items: Food at home, electricity, shelter, new cars, gas

The 2022 inflation rate was 6.5% at the end of the year. The COLA for 2023 was 8.7%. What is likely to happen with the 2024 COLA?

2022 in Review: 2023 Federal Pay Raise, Federal Employee Vaccine Mandate and More

FedSmith.com author Ian SmithBy Ian SmithDecember 30, 2022 10:12 AM Categories Current Events Leave a comment

Historic inflation, COLA, pay raise and problems related to the TSP website: a recap of 2022 for federal employees.

2023 Federal Pay Raise and 2023 GS Pay Scale Finalized

FedSmith.com author Ian SmithBy Ian SmithDecember 23, 2022 2:49 PM Categories Federal Employee Pay News Leave a comment
Image of road sign with words 'pay raise just ahead'

President Biden has issued an Executive Order finalizing the 2023 federal pay raise as well as the 2023 GS pay scale tables.

2023 GS Locality Pay Tables Published: Here are Localities with Highest and Lowest Pay Increases

FedSmith.com author Ralph R. SmithBy Ralph R. SmithDecember 23, 2022 2:47 PM Categories Federal Employee Pay News Leave a comment
Illustration of bags and piles of money growing in size from left to right with a rising trend line arrow above them depicting growing savings/wealth for retirement

Here are the 2023 GS locality pay areas with the highest and lowest total pay increases for 2023.

Are Federal Contractors Included in the 2023 Federal Pay Raise?

FedSmith.com author Ralph R. SmithBy Ralph R. SmithDecember 21, 2022 1:18 PM Categories Q&A, Federal Employee Pay News Leave a comment
Piggy bank on a wooden surface with a white question mark leaning up against it depicting money questions, possibility of a pay raise

Are federal contractors included in the 2023 federal pay raise?

2023 Federal Pay Raise: Does Omnibus Spending Bill Provide a Bigger Raise?

FedSmith.com author Ralph R. SmithBy Ralph R. SmithDecember 21, 2022 11:33 AM Categories Federal Employee Pay News Leave a comment
Scattered pile of $100 bills

Will Congress provide an additional amount for a 2023 federal pay raise? At this point, that is highly unlikely.

What Are “Special Rates” for Federal Employees? Will They Receive 4.1% Pay Raise?

FedSmith.com author Ralph R. SmithBy Ralph R. SmithUpdated: December 20, 2022 12:46 PM Categories Federal Employee Pay News Leave a comment
Spread of four $100 bills with a question mark pictured overlaid on top of them expressing doubt or uncertainty about a pay raise

What are special rates for federal employees and how are they related to the GS locality pay rates? Does the 2023 federal pay raise apply to the special rates?

Inflation, 2023 Federal Pay Raise, and Declining Wealth As 2022 Winds Down

FedSmith.com author Ralph R. SmithBy Ralph R. SmithUpdated: December 13, 2022 8:12 PM Categories Federal Employee Pay News, Federal Employee Retirement Leave a comment
2022 inflation over the last 12 months as of November 2022 and its impact on everyday items: Food at home, electricity, shelter, new cars, gas

While the anticipated 2023 federal pay raise is 4.6%, on average, inflation has slowed to an annual increase of 7.1%.

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Daily TSP Rates

February 6, 2023

Fund Last % YTD
G Fund $17.3040 +0.03% +0.40%
F Fund $18.6657 -0.66% +2.52%
C Fund $63.1439 -0.61% +7.20%
S Fund $69.0927 -1.23% +12.29%
I Fund $36.3636 -1.16% +7.13%
L Income $23.3800 -0.23% +2.32%
L 2025 $11.8078 -0.36% +3.36%
L 2030 $41.0241 -0.56% +4.99%
L 2035 $12.2255 -0.62% +5.45%
L 2040 $45.9332 -0.68% +5.90%
L 2045 $12.4942 -0.73% +6.30%
L 2050 $27.2088 -0.77% +6.68%
L 2055 $13.2248 -0.88% +7.84%
L 2060 $13.2235 -0.88% +7.84%
L 2065 $13.2220 -0.88% +7.84%
Get detailed TSP data at TSPDataCenter.com

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