Comptroller: Connecticut wage growth continues to lag
HARTFORD — State Comptroller Kevin Lembo says wage growth in Connecticut and the U.S. remains below levels before the recession despite a rise in the number of jobs.
A report he released Thursday shows lackluster wage growth has affected state revenue, including payroll taxes that also struggled to reach pre-recession growth levels.
Connecticut relies heavily on the personal income tax to balance the state’s main spending account, the general fund.
Lembo’s report also highlights Connecticut’s unfunded pension liabilities for state employees. Based on the most recent actuarial valuation, the State Employees Retirement System is 41.5 percent funded, or nearly $15 billion.