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2023 Federal Pay Raise Calculator: A Guide to Your Increased Earnings
Greetings, Readers!
In anticipation of the upcoming year, many federal employees eagerly await news of the 2023 pay raise. Whether you’re a seasoned veteran or just starting out in federal service, understanding your salary increase is crucial. This comprehensive guide will provide you with the essential information on the 2023 federal pay raise calculator, empowering you to anticipate your boosted earnings and plan accordingly.
Understanding the 2023 Federal Pay Raise
2023 Pay Raise Percentage
The 2023 federal pay increase has been set at 4.6%, effective January 1, 2023. This increase surpasses the 2.7% raise in 2022, reflecting the government’s commitment to keeping pace with rising living costs.
Step Increases and Locality Pay
In addition to the across-the-board pay raise, federal employees may also be eligible for step increases based on their years of service and performance. Locality pay adjustments, which vary depending on the geographic location, will also impact overall earnings.
Using the 2023 Federal Pay Calculator
General Pay Increases
The simplest way to estimate your pay raise is by using the 2023 Federal Pay Raise Calculator, available on the Office of Personnel Management’s website. Simply input your current salary to obtain an approximation of your increased earnings.
Step and Locality Considerations
To account for step increases and locality adjustments, you may need to manually calculate your pay increase. Consult the latest General Schedule (GS) pay tables and factor in your current step and locality pay percentage.
2023 Federal Pay Table Breakdown
| Grade | Step | Current GS Pay (2022) | 2023 GS Pay | 2023 Pay Increase |
|---|---|---|---|---|
| GS-1 | Step 1 | $19,354 | $20,253 | $899 |
| GS-5 | Step 5 | $37,383 | $39,191 | $1,808 |
| GS-11 | Step 10 | $63,113 | $66,026 | $2,913 |
| GS-15 | Step 3 | $104,866 | $110,456 | $5,590 |
Conclusion
The 2023 federal pay raise is a significant step towards recognizing the valuable contributions of our federal workforce. By utilizing the 2023 Federal Pay Raise Calculator and understanding the various factors that influence your salary increase, you can plan for a prosperous new year.
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FAQ about 2023 Federal Pay Raise Calculator
What is the 2023 federal pay raise calculator?
It’s a tool that helps federal employees estimate their salary after the 2023 pay adjustment.
What is the 2023 federal pay raise percentage?
The 2023 federal pay raise percentage is 4.6%.
Where can I find the 2023 federal pay raise calculator?
The 2023 federal pay raise calculator can be found on the Office of Personnel Management (OPM) website.
How do I use the 2023 federal pay raise calculator?
Enter your current salary and location into the calculator and it will estimate your new salary after the pay adjustment.
What are the different types of raises?
There are three types of raises: locality pay, general schedule (GS), and senior executive service (SES).
What is locality pay?
Locality pay is a pay adjustment that is added to the basic pay of federal employees who work in high-cost areas.
What is the general schedule (GS)?
The general schedule (GS) is a pay scale for federal employees who are not in the senior executive service.
What is the senior executive service (SES)?
The senior executive service (SES) is a pay scale for federal employees who are in senior-level positions.
When will the 2023 federal pay raise take effect?
The 2023 federal pay raise will take effect on January 1, 2023.
How can I get help using the 2023 federal pay raise calculator?
If you need help using the 2023 federal pay raise calculator, you can contact your HR department or the OPM.
