Connecticut Incentive Compensation Plan
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How to fill out Incentive Compensation Plan?
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FAQ
Commissions, bonuses or other forms of incentive compensation are considered earned compensation in Connecticut, just like salary or hourly wages. It is illegal for an employer not to pay compensation that you have earned, even if you have left the company, either voluntarily or involuntarily.
EFFECTIVE JULY 1, 2023: Cost of Living Adjustment (COLA): a. Salary Plan Adjustments: As a result of the Cost of Living Adjustment (COLA), the minimum and maximum rates of the EX, MP, MD, SE, HE, and DM range pay plans, and the rates in the CJ- EX pay plan shall be increased by 2.5% effective July 1, 2023.
Cost of living adjustments (COLA) are increases designed to offset inflation. The expected COLA for 2023 is 8.7%, meaning if you were going to give an employee an annual salary increase of $10,000, you would adjust that amount to $10,870 to account for inflation.
Social Security has announced that they will be granting a cost of living increase of 8.7% for 2023. The investment performance for the preceding fiscal year is -7.63%.
A compensation plan (also known as a comp plan) is a set of guidelines for employees' salaries, bonuses, and equity. It gives current and prospective employees a clear view of their employment package?which gives your company an advantage as you're hiring.
The goal of the program is to incentivize long?term unemployed people who live in Connecticut to return to the workforce. If eligible individuals meet certain criteria, they will receive a one?time, $1,000 incentive payment from the State of Connecticut.
The COLA will range from a minimum 2.5% to a maximum of 6% based on a formula which takes into account a portion of the increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) for the 12 months immediately preceding your COLA anniversary date.
Highest-paid employees The highest-paid state employee in 2022 was former University of Connecticut basketball coach Kevin Ollie, who received a special payment of $11.15 million after arbitration in a long-running dispute with the university.
