ROSELAND, N.J. (AP) — Automatic Data Processing Inc. is raising its quarterly dividend by 10 percent to 43.5 cents per share from 39.5 cents per share.

The world's biggest payroll processor said Tuesday that the dividend will be paid on Jan. 1, 2013 to shareholders of record on Dec. 14.

ADP said that this is the 38th straight year that it has increased its dividend.

Earlier this month ADP reported that its fiscal first-quarter net income rose about 1 percent, and it backed its guidance for the full year.

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