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To close the funding gap, policymakers have several legislative options at their disposal, including: ;Increasing thepayrolltax rate (currently12.4%)that is split between workers andemployers.; ;Taxing higher-income earners on a largerportionof their annualincome.; ;Gradually increasing the age at which beneficiaries can claim full retirementbenefits.; ;Adjusting the math by changing howinitialbenefits are calculated and/or altering thecost-of-livingadjustment (COLA).; Editor’s Note: Additional Content For more information and resources related to this article, see the pages below, which offer quick access to all WorldatWork content on these topics: ;Employee Benefits; ;Employee Compensation; ;Well-Being; #1 Total Rewards & Comp Newsletter Subscribe to Workspan Weekly and always get the latest news on compensation and Total Rewards delivered directly to you.

.; Editor’s Note: Additional Content For more information and resources related to this article, see the pages below, which offer quick access to all WorldatWork content on these topics: ;Employee Benefits; ;Employee Compensation; ;Well-Being; #1 Total Rewards & Comp Newsletter Subscribe to Workspan Weekly and always get the latest news on compensation and Total Rewards delivered directly to you.

Firms with more than 100 million kroner ($9.4 million) in total operating and financial income will be covered initially, a threshold that will drop to include those with income in excess of 50 million kroner.

Johansson also shared that 67% of organizations have said that their total compensation spend had increases in 2022 compared to 2021.

“Pay transparency is as important as raising awareness around the pay gap, but it goes beyond your salary,” said Tanya Jansen, co-founder of beqom, a total rewards management software company.

Editor’s Note: Additional Content For more information and resources related to this article, see the pages below, which offer quick access to all WorldatWork content on these topics: ;Employee Benefits; ;Workforce Engagement; #1 Total Rewards & Comp Newsletter Subscribe to Workspan Weekly and always get the latest news on compensation and Total Rewards delivered directly to you.

Editor’s Note: Additional Content For more information and resources related to this article, see the pages below, which offer quick access to all WorldatWork content on these topics: ;Employee Experience; ;Employee Recognition; ;Workforce Engagement; #1 Total Rewards & Comp Newsletter Subscribe to Workspan Weekly and always get the latest news on compensation and Total Rewards delivered directly to you.

Prepare total rewards conversations and plans to address compression before you lose top talent.; Editor’s Note: Additional Content For more information and resources related to this article, see the pages below, which offer quick access to all WorldatWork content on these topics: ;Equitable and Diverse Workplaces; ;Employee Compensation; ;Organizational Performance; #1 Total Rewards & Comp Newsletter Subscribe to Workspan Weekly and always get the latest news on compensation and Total Rewards delivered directly to you.

Securities and Exchange Commission, Owen made more than $4.9 million in total compensation in the fiscal year ending May 28, 2022.

A total of 1,064 responses were received, representing organizations of different sizes and across multiple industries.