OTHER NEWS - July 19, 1994

Pay Raises to Hit Record Low, Survey Says: The amount of money allocated for employees’ pay increases in 1994 and 1995 will be the lowest since employee salaries began to be tracked in 1975, the Conference Board said. The survey, which covers 515 companies representing all industries, found the average non-executive employee will receive a 4% increase this year and is likely to receive a similar increase next year. On average, executives will receive a 4.2% salary raise this year and a 4.3% raise next year. Charles Peck, a compensation specialist at the Conference Board, said the trend is due in large part to inflation, which is causing companies to control and reduce their costs.