Where’s my pay raise? Fewer workers making under $30K got an increase

The lowest-paid workers may be getting the short end of the stick.

Nearly two-thirds of U.S. workers who make under $30,000 received no pay increase the past 12 months, according to a new Bankrate survey. By contrast, 55% of those making $50,000 or more got a raise, and 49% of all U.S. workers got a boost in salary, up from 38% the prior year and the most since 2016.  

Experts say low unemployment and a tight labor market are paying off for most workers. 

“This is a labor market that rewards those that have unique talents, skills and certifications. Those tend to command a premium in the workplace," said Bankrate Chief Financial Analyst Greg McBride.

For workers receiving pay raises, the extra income is coming in handy.  

“The ability to earn more money can be a much-needed boost to the finances of many Americans, if properly deployed,” McBride says. “The extra income goes a long way toward paying off debt, boosting retirement savings or padding your emergency savings to give yourself breathing room for when the next downturn occurs.” 

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Meanwhile, Americans have a more favorable view of job possibilities.  Thirty percent of workers say their confidence in the job market has increased the past 12 months, while 12% say their confidence has decreased and 58% report no change. Even a third of the lowest earners say their confidence has grown over the last year. 

Despite their more optimistic view, only one in four workers plans to look for a job in the next 12 months. Millennials and workers with lower incomes and educational backgrounds are the most likely to hunt for a new position.