Most Americans Received No Pay Increase In 2018

Most Americans say they didn't get a pay raise at their current job, or start a better paying job in the last 12 months, according to a Wednesday survey from Bankrate.com

According to the poll, 62% of Americans report not getting a pay raise or better paying job in the past year - up from 52% last surveyed last year. That said, just 25% of respondents in this year's survey said they would look for a new job in the next year. 

 

Mike Gnitecki, a licensed paramedic in Longview, Texas, is one of the Americans whose wages flatlined.

Because of a pay freeze at his previous employer, the University of Texas Health hospital system, he hadn’t seen a pay increase for the past three years. He’s been stuck at a base pay of $43,500 a year, with the opportunity for overtime.

It basically feels like my pay has dropped each year due to normal cost-of-living increases,” Gnitecki says. “At the same time, my experience and responsibility has increased.” -Bankrate.com

32% of those polled by Bankrate said they received a raise, vs. 38% last year, while just 11% of respondents got a better paying job - down from 18% last year. 

After feeling "frustrated," Gnitecki reached a turning point and found a similar paramedic job with a "decent increase" in pay and benefits, which he starts this month. 

"It feels really good because it kind of feels like I’m being paid how much I should be paid," he said, adding "I’m very glad I made the switch."

As Marketwatch notes, meanwhile, the average CEO at the largest 350 companies in the US received a 17.6% increase in pay in 2017 - clocking in at an average of $18.9 million, according to an August study from the Economic Policy Institute. 

Bankrate Chief Financial Analyst Greg McBride says that while the economy might be doing great right now, however productivity isn't following suit and may explain the stagnation in wage growth. 

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