Fed Employee Cost Of Living Increase 2024. The cost of living adjustment (cola) in january 2024 will be 3.2%. Civilian federal employees are officially set to receive a sizeable pay raise in 2024 after president joe biden signed an executive order implementing the increases.

Below are examples showing how various categories of general schedule (gs) employees will be affected by the january 2024. And during the first half of 2024, the unemployment rate jumped from 3.7% to 4.1%, historically low but the highest since november 2021.