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Overall salary increase budgets remained steady at 4% in 2024, but merit increase budgets hit their highest level in the past 10 years, according to Mercer's annual remuneration research.

Employers forecast their median merit increase budgets at 3.5% for this year, but the actual number reached 3.8%, according to Mercer's Total Remuneration Survey – Australian salary outlook 2025.

"This unexpected rise in salary adjustments can be attributed to the challenges businesses faced in attracting and retaining talent, as employee turnover reached peak levels, compelling many to offer higher wages to remain competitive," the report says...