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Salary increase graph Source: Shutterstock

Despite the pandemic economic recession, most employers, including financial institutions, said they plan to provide raises and bonuses for employees in 2021.

The 2020 General Industry Salary Budget Survey, conducted by Willis Towers Watson Data Services, found companies are projecting average salary increases of 2.8% for all employees next year, including exempt, non-management and management employees. Nonexempt salaried and hourly employees as well as executives are in line to receive slightly smaller increases (2.7%).

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Peter Strozniak

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