These companies are giving some workers mid-year raises

The average pay raise is around 3% a year, typically given between January and April. But soaring inflation,and a tight labor market are creating conditions that warrant off-cycle and larger-than-usual bumps in pay for workers.

"Inflation and the impact it has on the cost of going to work, feeding a family, keeping the lights on, is driving the conversation about pay raises," said Scott Hamilton, a human resources expert at Gallagher."Companies are having conversations about pay increases, gasoline gift cards, reimbursement for travel expenses to make sure the workers necessary to keep the services operating show up."Gas company ExxonMobil, technology company Microsoft, investment firm T.

Microsoft in May doubled its global budget for merit-based salary raises."This increased investment in our worldwide compensation reflects the ongoing commitment we have to providing a highly competitive experience for our employees," a Microsoft spokesperson told CBS MoneyWatch.

President Biden needs to declare a national emergency and take control of certain companies.

Biting the bullet🤔

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