Virginia Proposal to approve annual incentive compensation plan
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How to fill out Proposal To Approve Annual Incentive Compensation Plan?
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FAQ
$54.6 million from the General Fund to give teachers and other school staff a 2% raise starting on January 1, 2024. This is on top of the 10% raise for teachers that the Governor proposed last year.
Cost of living adjustments (COLA) are increases designed to offset inflation. The expected COLA for 2023 is 8.7%, meaning if you were going to give an employee an annual salary increase of $10,000, you would adjust that amount to $10,870 to account for inflation.
The budget also includes a 2% pay raise for teachers and state employees, including state-supported positions, adjunct faculty and teaching assistants at public colleges and universities. The raise comes on top of the 5% raise lawmakers approved in each year of the current two-year budget that ends June 30, 2024.
The deal sets aside nearly $55 million for the state's share of a 2% salary increase for teachers ? effective Jan. 1, 2024 ? adding to the 5% hike for the 2023 and 2024 fiscal years approved when the initial two-year budget plan was passed. School districts must match the 2% increase to access the funds for the raises.
Chapter 2 of the 2022 Virginia Acts of Assembly, Special Session I authorizes a five percent salary increase effective June 10, 2023 for eligible full- and part-time classified and other salaried state employees, including appointed, at-will, and faculty employees, unless otherwise specified in this memorandum.
School districts must match the 2% increase to access the funds for the raises. It also includes $115 million for 2% pay raises for state employees, including university workers, adjunct faculty, teaching assistants, state-supported local employees and Standards of Quality funded positions.
School districts must match the 2% increase to access the funds for the raises. It also includes $115 million for 2% pay raises for state employees, including university workers, adjunct faculty, teaching assistants, state-supported local employees and Standards of Quality funded positions.