MISHAWAKA, Ind. - The Penn-Harris-Madison Board of School Trustees unanimously approved a new contract for teachers Monday night, increasing salaries for new and existing educators in the 2023-2024 and 2024-2025 school years.

Here’s what’s changed:

2023-2024 school year

Salaries will increase by approximately 5% in the 2023-2024 school year. New teachers’ salaries get a 4.60% increase, while existing teachers get a 5.10% increase. The precise pay range for the school year comes out to $47,007 - $81,360, up from $44,940 - $77,412 the previous year.

This new range is retroactive, starting on July 1, 2023, and running through June 30, 2024.

All educators will also get a $650 retention bonus for the school year. New teachers will receive a bonus in July 2024 and existing teachers will receive a bonus in December 2023 and in July 2024.

Employee payment for health insurance premiums will also increase 5% during the first school year included in the contract.

2024-2025 school year

For the 2024-2025 school year, salaries will increase by approximately 3%. New teachers will receive a 2.90% increase and existing teachers get a 3.10% increase, establishing the pay range at $48,370 - $84,204.

Existing teachers will also get a $650 retention bonus in December 2024.

Changes for both school years

Educators who have earned 36 credit hours beyond their bachelor's or master's degrees after 2012 will receive a $250 yearly stipend during this contract.

Teachers who act as athletic and extracurricular academic coaches during the two-year contract will receive an annual 2% stipend increase.

In 2022, the Board of Trustees approved a 7% increase for the 2022-2023 school year.