What’s in the 2024-2026 tentative compensation agreement?
After several months of intense negotiation, including months of talks before a federal mediator, on top of outstanding engagement from members (thank you!), NTEU and CFPB’s bargaining teams reached a new compensation agreement.
HOWEVER, this agreement is still just tentative, and it will not go into effect until two things happen:
- Ratification by Chapter 335 members; and
- Agency head review (when CFPB’s lawyers will review it for compliance with law, but this is just a formality).
What's in the tentative compensation agreement?
We are getting the largest raises in the Bureau’s history. The merit increase will be 5% in 2024, 4.8% in 2025, and an estimated increase of 3.6% in 2026 (based on an estimate of the Employment Cost Index).
The 5% merit increase for 2024 will have full retroactivity to January 1, 2024 if the agreement is ratified by May 8, 2024.
The merit increase in 2024 will be paid out in part as a lump sum and will be incorporated into your paycheck within four months. The Merit Bonus will be 3.0% of your 2023 salary plus a $4,000 flat amount in 2024, 2.0% of your salary plus $3,500 flat amount in 2025, and 2.0% of your salary plus $3,000 in 2026.
There will be locality increases each year according to the GS locality increases. In 2024, the locality increase will be paid out in three lump sums.
The pay bands will move up 2% in 2025 and 2% in 2026. The pay bands will move independently of the merit increase, so the pay band movement only affects people at the band minimums and maximums. The pay setting matrix for new hires will also increase by 2% to match the pay band increases in 2025 and 2026.
On the benefits front, the health insurance subsidy will increase to $85 a pay period starting in 2025. The Bureau agreed to re-compete the dental contract and an NTEU representative will be involved in the procurement process for any dental and vision contracts during the term of the agreement. The annual health and wellness payment (previously called the one-time taxable lump sum) will be paid out to employees making under $150,000 total salary. The paid parental leave program will continue under this contract.
What’s not in this deal?
We fought hard against Management’s two-tier pay system, but will have to keep fighting. Management insisted that if you joined the Bureau after June 30, 2023, you will not receive the merit increase or merit bonus.
However, we will be back at the table to bargain over a potential merit catch-up for 2026. We will need your help to fight for equal pay for equal work.
Management also refused to include increases to the salary cap, even while agreeing to increase the pay bands. This means people who are already at the salary cap will not get their raises. We will be back at the table in 2025 to bargain over a salary cap increase for 2026.
Where do I vote?
The compensation agreement is still just tentative, and it will not go into effect unless it is ratified by Chapter 335 members.
- The ratification vote will be held online between May 1, 2024 and May 7, 2024
- The chapter meeting will be held on Tuesday, May 7 at 12:00 p.m. EST
- The vote will close at 11:59 p.m. PT on Tuesday, May 7
Dues-paying members can vote here. If you aren't already a member, join NTEU 335 today so you can vote!
Read bargaining team members' perspectives on why they will be voting "yes" or "no" to ratify the tentative agreement.
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