this post was submitted on 06 Mar 2024
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Uh? Do people not normally get raises regularly? At least to keep up with inflation?
Welcome to late stage capitalism! Where we pat them on the back and say "wow what a great company" for doing what was standard 50 years ago
Cost of living, yes, and if you’re a solid performer, 3% is considered good. However, this is a 5% across the board, and a large increase to entry level.
Love that 3% is considered good but Inflation beats it everytime
For what country?
In the US, at least, the long term average is 3.10%, including the post-1913 Great Depression and the Oil Crisis/Great Inflation of the 1970s. From 1990-2020, the average has been 2.2%, just slightly worse than the stated goal of current US economic policy, which is to maintain long term inflation at a rate of 2%.
Meaning, 3% beats inflation significantly more than half of the time, especially since 1990.
We had two consecutive years of 6-8% general inflation in Spain, and lots of raw food products almost doubled in size, and while that went down a while ago, they still stayed at a 30% increase. Salaries didn't increase though, most companies in my sector gave a fat round 0 increase as a baseline, then a 4-5% increase for people that excelled in performance.
Yeah we do earn way more than the minimum wage but we are basically earning less than last year, every year.
Well if we use the US - we have to acknowledge that the actual rate of inflation is not on that chart. For starters it does not even take into account Shrinkflation - a trend that is not new. Secondly - the calculation changes to make inflation appear significantly lower for multiple reasons.
https://www.fedsmith.com/2023/04/19/inflation-severity-depends-how-its-measured/
https://www.cnbc.com/id/42551209
Then there are problems that CPI doesn't cover housing costs anymore. And it allows nonsensical substitution. Such as implying that if you are used to buying $10 Roast Chicken - and are now forced to buy $2 Canned Chicken - you have experienced deflation. But in reality you cannot afford the roast chicken because of high inflation and your standard of living has gone down.
https://courses.lumenlearning.com/wm-macroeconomics/chapter/examining-the-consumer-price-index/
We have too many measures tied to Poverty Rate and Inflation that it's a quagmire to change it to reflect reality.
Cost of living in Japan has seriously spot up lately, and the government has been pressuring companies to raise salaries. So I’m glad to see Capcom doing this.
I used to work in private companies and any annual pay increase was whatever the union managed to negotiate for. It was usually between 1% - 3%. I quit after they moved the office to another city and required everyone to be at the office even though the people I worked with were in different countries. My current job is a government one and for as long as I have worked here I have gotten an annual raise of 10% - 20% and the working conditions are so much better. I'm never working in a private company again.