Kansas Sample Letter Regarding Cost of Living Adjustment
Description
How to fill out Sample Letter Regarding Cost Of Living Adjustment?
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FAQ
Say the cost of living rose by 1.5% over the past year, and your organization decided to match that by providing a cost-of-living adjustment/raise to each employee of 1.5%. If you have an employee who earns $45,000 annually, this 1.5% COLA will increase their salary by $675.00, to $45,675.00 annually.
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.
COLAs are increases in salaries or hourly rates to help employees maintain the value of their compensation against inflation. These increases are not viewed as merit increases resulting from good job performance. Cost of living raises can be a way to maintain the employee's earning power.
Best practices for cost-of-living pay adjustments Keep an employee's salary commensurate with their living expenses. ... Give regular raises. ... Customize the cost-of-living pay adjustment for each employee given their location. ... Research market rates. ... Set boundaries. ... Offer an increase when earned.
Cost-of-living adjustments (COLAs) refer to wage adjustments necessary in certain cities to match the amount a resident can earn with the cost of living. Factors to consider when calculating cost of living include housing, food, clothing, education, health care, transportation, taxes and additional expenses.
Let's say the cost of living rose by 6% over the past year. You give annual salary cost of living adjustments, so you raise each employee's wages by 6%. So, if you have an employee who earns $45,000 per year, you would add 6% to their wages.
