Maryland Annual Incentive Compensation Plan
Description
How to fill out Annual Incentive Compensation Plan?
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FAQ
Under the proposed budget, most state employees would receive a 4% salary increase for fiscal year 2023-24 and a 3% raise for fiscal year 2024-25.
The FY 2024 budget includes a provision for a 2.0% cost of living adjustment and a 2.5% merit increase on July 1.
State regular employees who are otherwise eligible will receive an increment on July 1, 2023, or January 1, 2024, based on the employee's entry-on-duty date (EOD). Contractual employees may receive an increment at the employing agency's discretion. EPP employees will receive a 2% merit increase on July 1, 2023.
C?ost-of-Living Adjustments (COLAs) Effective July 1, 2022, State regular and contractual employees will receive a 3% COLA. Effective July 1, 2023, State regular and contractual employees will receive a 2% COLA.
The Maryland Wage and Hour Law is similar to the Federal Fair Labor Standards Act (FLSA), but contains some important differences. In every case, workers and employers are advised to contact the U.S. Department of Labor, Wage and Hour Division at (410) 962-6211 to assure compliance under federal law.
6) Cost of Living Adjustment ? Effective no later than July 1, 2023, a general cost of living adjustment wage increase (COLA) consisting of 2% will be added to each grade and step of the pay plan(s) affecting bargaining unit employees.
A ?Wage? is payment or compensation earned by an employee for work performed under an employer's direction, or with the employer's knowledge or consent. Generally, wages are paid as currency (U.S. Dollars) representing a length of time worked, but may also include the following: Bonus.
Increment: State regular employees who are otherwise eligible will receive an increment on July 1, 2023, or January 1, 2024, based on the employee's entry-on-duty date (EOD). Contractual employees may receive an increment at the employing agency's discretion.
