Salaries Slip Slightly, Survey Says

Compiled ByTraci Purdum Salaried employees won't fare as well next year in the pay-increase department, according to The Conference Board Inc. The New York-based company, which surveyed 75 major U.S. companies, reports that salary increases next year will be 3.7%, down from the 4% planned earlier this year. "Continued economic uncertainty, the threat of war, stock market volatility and profit worries are among the factors causing companies to cut back on planned pay increases," says Charles Peck, the conference Board's compensation specialist. However, some hourly workers will see slightly better results in their paychecks. According to The Conference Board, 30 companies anticipate higher bonuses at the end of 2002 than in 2003. Although planned pay increases have been trimmed, most workers will still come out ahead of inflation, which The Conference Board projects to rise by 3% in 2003.