In March, Missouri gave state workers an 8.7% raise in a move intended to help fill 7,000 vacant positions and reduce a 30% employee turn-over rate. “However, in some cases, states will likely have to draw on reserves and face structural imbalance in order to fund the bumps.” “Many states’ revenue growth should be sufficient to pay for wage increases while maintaining a balanced operating budget,” Moody’s said in a Nov. So cities and towns and state agencies have had to raise pay and retirement benefits to keep up. But public employment fell behind as state and local governments struggled to compete with the private sector for workers. The US labor market has experienced a strong recovery following significant job losses at the beginning of the Covid-19 pandemic. (Bloomberg) - State and local governments are approaching pre-pandemic employment levels as workers are lured into public service with incentives such as higher salaries that will strain some budgets, Moody’s Investors Service warned.
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