Companies Plan to Give Employees Biggest Wage Increase in Decades in 2022: Report

A sign advertising for new employees with an updated starting salary of $16.75 per hour is seen in the window of a Target store in Hollywood, Calif., on Nov. 9, 2021. Robyn Beck/AFP via Getty Images

Companies in the United States plan to give employees the biggest wage increase in more than a decade next year, according to the Conference Board report released Wednesday.

Businesses are foreshadowed to increase pay by an average of 3.9 percent in 2022, marking the highest rate increase since 2008, and up 0.9 percent from the reported figure back in April.