Sample Letter Regarding Cost of Living Adjustment
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How to fill out Sample Letter Regarding Cost Of Living Adjustment?
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FAQ
A cost-of-living adjustment (COLA) is an increase in benefits or salaries to counteract inflation. Inflation for the Social Security COLA is calculated annually using the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W).
The letter's purpose. Your reason for the request. Your justification(s) for receiving a raise. The salary you want. Room for negotiation You never want to come across as demanding in a salary increase letter. Appreciation for consideration.
Be straightforward in addressing your request for a raise to your manager. Tell the manager you are asking for the raise at this time because of the accomplishments and contributions you have made, and the additional responsibilities you have taken on. Be prepared with your documentation.
Increase (COLA) in FERS Benefits From the third quarter of 2019 (the current base year) to the third quarter of 2020, the CPI-W increased by 1.3%. Therefore, paid out beginning January 2021, the CSRS COLA and the FERS COLA are both 1.3%.
Establish yourself as a strong employee. Do your homework. Choose the appropriate time. Ask with confidence. Follow up after your meeting.
Under title II of the Social Security Act (Act), there will be a 1.3 percent cost-of-living increase in Social Security benefits effective December 2020. In addition, the national average wage index for 2019 is $54,099.99.
Do your salary research. You're not going to get very far if the amount you ask for is not in line with the realities of today's job market. Pick the right time. Make the request. Back it up. Offer appreciation for the consideration.
In the first paragraph of your letter, mention how you enjoy working with the company. It's also helpful to state your job title and how long you've worked for the company. Then explain the letter's general purpose which is to ask for an increase in your salary. Next up, explain why you deserve the raise.
The 2020 COLA is based on the 3.12% average increase in the Consumer Price Index (CPI) measured from February 2019 to February 2020 for the Los Angeles and San Francisco metropolitan areas. The UCRP COLA formula generally matches the annual increase in the CPI up to 2.0%.
