Looking into 2021, more than half of employers are planning to offer smaller increases, and 45% are suspending them altogether. (Photo: Shutterstock)

As if workers didn't have enough to worry about, a study from Gallagher found that annual pay raises may go the way of the conference room meeting and office happy hour. Forty-five percent of employers say the pandemic has forced them to reevaluate their plans for offering pay raises in 2021.

Before the pandemic, two-thirds of employers had planned pay raises for their workforces. As the disease spread and companies began to take financial hits, they had to reduce the amount they were offering. The average salary increase fell from a projected 2.8% to 2.5% in fiscal year 2020, Gallagher found.

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