Given rising layoffs and a stubbornly high inflation rate, you’d think companies would be pinching pennies on worker salaries these days.

Yet the opposite is happening, according to a new study.

In general, annual compensation (i.e., salary, bonuses, and benefits) rose higher in 2022 than in 2021 at 278 S&P 500 Index companies according to data collected by MyLogIQ and analyzed by The Wall Street Journal. The review of each company’s security filings tracked 453 S&P mainstay U.S. companies.

Additionally, approximately 100 companies reported hiking salaries by 10% or more last year, the report noted.