Latest news with #salaryincrease
ABC News
2 days ago
- Business
- ABC News
Pay increase for Tasmanian politicians determined by industrial commission
Tasmanian politicians will receive a $30,000 increase in their base salary following a long-awaited determination by Tasmania's Industrial Commission. The 22.36 per cent increase takes the base pay from $140,185 — where it had been frozen since 2018 — to $171,527, with the pay rise to take effect from July 1. It also includes increases in motor vehicle and electorate allowances. The determination still leaves Tasmanian MPs with the lowest base pay of any politicians in the nation, but only slightly behind New South Wales ($172,576), Western Australia ($173,393) and the Northern Territory ($175,000). Tasmanian Premier Jeremy Rockliff's pay will increase to almost $369,000, a rise of almost $68,000, while ministers will receive a base salary of $291,597. In its report, the industrial commission acknowledged the increases "may seem large". "However, they are based on the Wage Price Index or the Consumer Price Index, which track inflation and real movements in salary," the commission said in its determination. "The recommended increase for members of parliament is comparable, though slightly more than, increases in the public sector wages agreements for a similar period. The determination does not recommend back pay be given to politicians who were in state parliament between 2018 and present. The pay rise will automatically take place from July 1, unless it is disallowed by both houses of parliament. Mr Rockliff said the report from the industrial commission was seven years coming. "The recommended increase is out of step with community expectations and we will not be accepting it," he said. The commission's report found politicians in Tasmania's lower house would sit in parliament for 45 days this year, up from a national average of 43.25, while upper house MPs would also sit for 45 days, down from a national average of 49 sitting days.
CBC
7 days ago
- Business
- CBC
Ontario MPPs to get raises after 16-year freeze; bill to establish new pension plan
Ontario members of provincial parliament are set to get big raises and access to a pension plan, under legislation introduced by Finance Minister Peter Bethlenfalvy. The government says this comes with the support of all parties in the legislature. The base pay for Ontario's elected officials has been frozen since 2009 at $116,550, and the changes would boost the salary to $157,350, which is 75 per cent of what federal MPs make. Premier Doug Ford's salary would rise from about $209,000 to about $282,000 and cabinet ministers would see their pay increase from about $166,000 to about $224,000. The bill would also resurrect a pension plan for the members of provincial parliament, 30 years after the previous one was abolished by former premier Mike Harris' government. The new plan would see members enrolled in the existing Public Service Pension Plan, and they would then be entitled to supplemental benefits for MPPs who serve at least six years.
Yahoo
25-05-2025
- Business
- Yahoo
What To Do with a Salary Bump: Invest, Save, or Spend?
If you've recently received a salary bump, congratulations! An increasing salary is one of the keys to long-term financial success. But what you do with that extra income plays an important role as well. Read More: Find Out: You have three basic choices on how you can use any extra money in your paycheck: invest it, save it, or spend it. Here's a breakdown of the pros and cons of investing, saving or spending your salary increase. Investing means using money to buy an asset in the anticipation that it will generate income and/or an increase in value over time. If you're looking to build wealth, investing is your best option. The S&P 500 stock market index, for example, has a long-term average return of about 10% per year. Thanks to the power of compound interest, that's enough to double your money every seven years or so. One trick many financial advisors recommend for building long-term wealth is to invest any 'found' money. This includes any type of money that's not part of your monthly budget. Typical examples include tax refunds and bonus checks, but salary increases qualify as well. Since you were already (hopefully) spending less than you earn, it means that you should be able to get by without spending the salary increase. If you're looking to boost your long-term nest egg, investing is the best choice. Savings accounts can't keep up with the return of the stock market, and spending subtracts from wealth, rather than building it. Try This: Boosts long-term wealth without having to go 'out of pocket' Multiplies the value of the salary increase thanks to compound interest Prevents cash from being spent Can diminish the feeling of accomplishment since the money 'goes away' Requires patience to ultimately receive the reward of a higher net worth While long-term investing can net the highest returns, sometimes the best place to put a salary increase is in a savings account. When your money is in a savings account, it's instantly accessible via a debit and/or ATM card, giving peace of mind in case you have any financial emergencies. It's also federally insured by the FDIC for up to $250,000. Thanks to the explosive growth in online, high-yield savings accounts, you can likely find plenty of suitable options for your money. Most competitors in the space offer insured accounts with no fees or minimums that pay 10x or more in interest as traditional brick-and-mortar bank accounts. Protects against falling into debt Can be used as a foundation for short- or mid-term goals, such as a home down payment Provides Liquid access to cash, if needed Can earn decent rates of return for an insured account Can't compete with the returns of riskier assets like stocks and bonds Interest is fully taxable Rates are variable The final option is to spend the extra money that you're earning. While this isn't a good choice if you're looking to build long-term wealth or preserve your capital, there are some scenarios in which it can make sense. If you're 'spending' the money to pay down high-rate credit card debt, for example, that can be a smart move. There's also a case to be made for catching up on important expenses you have been delaying, such as driving a safe vehicle or maintaining your home properly. But if you're just planning to blow the money on discretionary items, you're giving in to what experts call 'lifestyle creep,' in which you continue to spend your money as fast as you earn it, even when your income increases. Over the long run, that's the path to the poorhouse. Gives a feeling of satisfaction/reward for earning the money Can be used to buy items that are really needed, such as home repairs Makes it hard to get ahead in the long run Gets you in the habit of not saving or investing Traps you in the cycle of always spending more More From GOBankingRates 6 Hybrid Vehicles To Stay Away From in Retirement This article originally appeared on What To Do with a Salary Bump: Invest, Save, or Spend? Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
25-05-2025
- Business
- Yahoo
What To Do with a Salary Bump: Invest, Save, or Spend?
If you've recently received a salary bump, congratulations! An increasing salary is one of the keys to long-term financial success. But what you do with that extra income plays an important role as well. Read More: Find Out: You have three basic choices on how you can use any extra money in your paycheck: invest it, save it, or spend it. Here's a breakdown of the pros and cons of investing, saving or spending your salary increase. Investing means using money to buy an asset in the anticipation that it will generate income and/or an increase in value over time. If you're looking to build wealth, investing is your best option. The S&P 500 stock market index, for example, has a long-term average return of about 10% per year. Thanks to the power of compound interest, that's enough to double your money every seven years or so. One trick many financial advisors recommend for building long-term wealth is to invest any 'found' money. This includes any type of money that's not part of your monthly budget. Typical examples include tax refunds and bonus checks, but salary increases qualify as well. Since you were already (hopefully) spending less than you earn, it means that you should be able to get by without spending the salary increase. If you're looking to boost your long-term nest egg, investing is the best choice. Savings accounts can't keep up with the return of the stock market, and spending subtracts from wealth, rather than building it. Try This: Boosts long-term wealth without having to go 'out of pocket' Multiplies the value of the salary increase thanks to compound interest Prevents cash from being spent Can diminish the feeling of accomplishment since the money 'goes away' Requires patience to ultimately receive the reward of a higher net worth While long-term investing can net the highest returns, sometimes the best place to put a salary increase is in a savings account. When your money is in a savings account, it's instantly accessible via a debit and/or ATM card, giving peace of mind in case you have any financial emergencies. It's also federally insured by the FDIC for up to $250,000. Thanks to the explosive growth in online, high-yield savings accounts, you can likely find plenty of suitable options for your money. Most competitors in the space offer insured accounts with no fees or minimums that pay 10x or more in interest as traditional brick-and-mortar bank accounts. Protects against falling into debt Can be used as a foundation for short- or mid-term goals, such as a home down payment Provides Liquid access to cash, if needed Can earn decent rates of return for an insured account Can't compete with the returns of riskier assets like stocks and bonds Interest is fully taxable Rates are variable The final option is to spend the extra money that you're earning. While this isn't a good choice if you're looking to build long-term wealth or preserve your capital, there are some scenarios in which it can make sense. If you're 'spending' the money to pay down high-rate credit card debt, for example, that can be a smart move. There's also a case to be made for catching up on important expenses you have been delaying, such as driving a safe vehicle or maintaining your home properly. But if you're just planning to blow the money on discretionary items, you're giving in to what experts call 'lifestyle creep,' in which you continue to spend your money as fast as you earn it, even when your income increases. Over the long run, that's the path to the poorhouse. Gives a feeling of satisfaction/reward for earning the money Can be used to buy items that are really needed, such as home repairs Makes it hard to get ahead in the long run Gets you in the habit of not saving or investing Traps you in the cycle of always spending more More From GOBankingRates 6 Hybrid Vehicles To Stay Away From in Retirement This article originally appeared on What To Do with a Salary Bump: Invest, Save, or Spend? Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
24-05-2025
- Business
- Yahoo
Bumps for ETSU salaries OK'd at trustee meeting
JOHNSON CITY, Tenn. (WJHL) — East Tennessee State University trustees approved salary increases for hundreds of staff on Friday, following similar raises for faculty a few months earlier. The adjustments were made due to efficiencies and market studies showing pay levels are below national standards. The university said the funds became available in the most recent spring 2025 semester after selected positions were left unfilled and operational efficiencies were identified during the annual Budget Model Update process. After a study on faculty salaries, the Budget Model Update determined said salaries were below the market targets. In addition, the data showed ETSU has lagged behind institutional peers in faculty and staff salaries. The average faculty salary of ETSU's institutional peers was $80,518, while the average faculty salary was $71,618. For staff, the peer average was $61,335, while ETSU's staff average was $52,144. Johnson City Commission votes to donate police car to N.C., approves ETSU Ashe Street lease Of the 639 regular faculty members (excluding those in the College of Medicine, College of Pharmacy, Family Medicine and adjunct faculty), Human Resources identified 388 who were below market targets. On Friday, 599 staff members whose salaries are below the market range received emails notifying them that their salaries will be increased. This represents 37% of ETSU's staff (including the College of Medicine, College of Pharmacy, and Family Medicine) and 60% of the faculty. Any salary increases provided will be retroactive to Nov. 1, 2024, or the date of hire, whichever is most recent. The total outlay of the faculty raises in March was $1.6 million. To fund the first round of these enhancements, ETSU identified $2 million through vacancy management (select positions being unfilled) and other institutional efficiencies as a result of the Budget Model Update process. ETSU trustees to consider 5% tuition/fee hike While the university does not have the means to close market gaps in a year, the pay increase means it has acknowledged the competitive rates. ETSU said it is working to close the margin even more. With financial positions and enrollment numbers still strong, the gap will be closed through the ongoing vacancy management analysis, which will identify positions not being filled. Lori Erikson, assistant vice president for ETSU Human Resources, said living costs have helped navigate and maintain university funds. 'ETSU's salaries have trailed those of peer institutions; however, our region's low cost of living helped us remain competitive,' she said. 'In recent years, as the cost of living has risen significantly, the university has made salary enhancements a priority to ensure we continue attracting and retaining top-tier faculty and staff.' ETSU said it appreciates the Board of Trustees' support and leadership. 'Their commitment to the university's mission and to the success of our faculty and staff has been instrumental in making these salary enhancements possible,' the university said. Friday's meeting also included the final approval of a 5% hike in undergraduate tuition and fees for the coming academic year and information about the university's upcoming lease of the historic Ashe Street Courthouse from the City of Johnson City. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
