National Association of State Retirement Administrators


Compensation

Wages and Salaries

Wages and salaries for state and local government workers increased by 5.0 percent for the 12-month period ending March 2024, according to data published by the U.S. Bureau of Labor Statistics. This rate of growth represents the highest ever reported in at least two decades, and the sixth consecutive quarter of annualized growth above 4.5 percent. The first quarter of 2024 also marks the fourth consecutive quarter in which annualized wage growth for state and local workers was higher than private sector wage growth. Prior to the second quarter of 2023, the last time this occurred was the first quarter of 2010.

Wages for private sector workers increased by 4.3 percent for the 12-month period ending March 2024, which is the same rate of growth as the previous quarter and the fourth consecutive quarter of annualized growth below five percent following six consecutive quarters of growth at or above that level. 
Annualized Quarterly Change in Wage and Salary Costs
for Private and State and Local Government Employees, 2001-2024


Benefits

The cost of state and local government employee benefits increased by 4.5 percent for the 12-month period ending March 2024, according to data published by the U.S. Bureau of Labor Statistics. This is the third consecutive quarter of annualized increase below five percent, following four consecutive quarters at or above that level. The rate of annualized increase in the cost of benefits for private sector workers was 3.6 percent for the same period.
Annualized Quarterly Change in Benefit Costs
for Private and State and Local Government Employees, 2001-2024
Compiled by NASRA based on data provided by the U.S. Bureau of Labor Statistics. Data is sourced from the BLS Employment Cost Index program, which is a quarterly survey of establishments measuring the change in employer costs for labor, independent of employment shifts. The ECI survey reference period is the pay period that includes the 12th day of the month. 

See more: 
https://www.bls.gov/ect/