2024 Cost Of Living Increase For Employees. This is down from 2023’s actual increase of 4.4%, but it remains elevated from 2021’s 3.1% increase and for the 10 years prior to that. President joe biden signed an executive order implementing an average 5.2% federal pay raise for most civilian employees in 2024, the final step needed to make the salary increases official.

The senate appropriations committee remained silent about the proposed increase when it passed the financial services and general government appropriations bill last thursday. That’s below the 3.2% boost retirees got at the start of 2024.