Connecticut Employment Compensation Package
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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.
Overview Health & Dental Insurance. Accrued Vacation, Personal and Sick Leave (Subject to the appropriate bargaining union contract or state statute and regulations.) Retirement Plan. Group Life Insurance. Supplemental Benefits. Voluntary Defined Contribution Plans. ... State of CT Tuition Reimbursement Program. Holidays.
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.
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.
VACATION LEAVE Most employees who have been employed 0 to 5 years earn one (1) day per month; over five (5) and under twenty (20) years earn one and one quarter (1 1/4) days per month; over twenty (20) years earn one and two thirds (1 2/3) days per month. Part-time employees earn vacation leave on a pro-rata basis.
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%.
