Good morning and happy Thursday, Daily Money readers. Jayme Deerwester here with you on this Friday eve.
Raise your hand if you haven’t had a pay raise since COVID began. That may change in 2022, according to a poll released by Willis Towers Watson, a global professional services firm. It found that one in three companies surveyed intends to increase worker salaries amid the tight labor market and Great Resignation.
Companies were originally planning on giving employees a 3% salary boost, on average, but they have now increased it to 3.4%, the survey found. People on all levels are projected to get raises, from executives to support staff. The largest salary increases are expected in retail and wholesale trade, life and health insurance, finance, energy and industrial manufacturing, the survey found.
On to today’s …
💡DAILY INSIGHT. 💡 The year 2021 was one of the most challenging on record for the Internal Revenue Service, accountants and taxpayers trying to file returns and there’s reason to fear 2022 may not be any easier, the national taxpayer advocate told Congress in a report Wednesday. When you factor in omicron, IRS staffing shortages and the backlog of paperwork spurred by last year’s stimulus and child tax credit payments, you have the makings of another perfect storm.
“I am deeply concerned about the upcoming filing season,” Erin M. Collins said in a statement. “Paper is the IRS’s kryptonite, and the agency is still buried in it.” (That’s one reason the IRS moved the start of filing season up two weeks to Jan. 24.)
OTHER STORIES YOU WON’T WANT TO MISS:
Be careful which brand of COVID test you buy. FDA warns of false results with LuSys Laboratories.
Too nervous to buy a plane ticket? Delta Air Lines just sweetened the pot amid COVID surge
Use ‘buy now, pay later’ services? That info will soon show up on Equifax credit reports.
Thinking of retiring in your 50s? Here are are four reasons that may not be the wisest move.
Mmmmm, anniversary cookies. Oreo releasing a limited-edition Chocolate Confetti Cake Cookie for its 110th birthday.
🎶 MOOD MUSIC. 🎶 The lyrics to Aloe Blacc’s “I Need a Dollar” seem to sum up the situation of overworked employees trying to cope with inflation on the same salary they had in 2019: “It’s been a long old trouble, long old troublesome road. And I’m looking for somebody come and help me carry this load.”