Subject: Request for Cost of Living Adjustment — Wisconsin Employees Dear [Employer's Name], I hope this letter finds you well. I am writing to bring to your attention an important matter regarding the cost of living adjustment (COLA) for Wisconsin employees. As an employee of [Company/Organization Name] located in Wisconsin, I believe it is crucial to address the rising expenses and the impact they have on the livelihoods of workers living in our state. Wisconsin, known for its vibrant communities and strong work ethic, has its residents facing the ever-increasing cost of living. Housing, healthcare, education, and daily necessities are becoming unaffordable for many families as inflation rates surpass wage growth. In light of these economic challenges, employees in Wisconsin are rightly seeking a fair COLA to ensure their standard of living is maintained. A Wisconsin COLA is an adjustment made to one's salary or wages to account for the changes in the cost of living over a given period. It seeks to align earning potential with the rising expenses faced by employees and aims to bridge the gap between stagnant wages and mounting financial burdens. By granting a COLA, employers demonstrate their commitment to the well-being and financial stability of their workforce. Types of Wisconsin Sample Letters Regarding Cost of Living Adjustment: 1. General COLA Request Letter: This type of letter addresses the need for a cost of living adjustment in a comprehensive manner. It highlights the state's economic conditions, the rising costs faced by Wisconsin employees, and the rationale behind requesting a COLA. This letter can be utilized by any employee seeking a COLA from their employer. 2. COLA Proposal Letter: A COLA proposal letter focuses on outlining a compelling case for a cost of living adjustment. It includes data and statistics regarding the impact of inflation, the rising prices of essential goods and services, and the burden placed on employees due to stagnant wages. This letter aims to inform employers about the necessity of implementing a COLA and its potential positive outcomes for both employees and the organization. 3. COLA Follow-up Letter: Sometimes, after submitting an initial COLA request, it becomes necessary to follow-up with the employer to reiterate the importance and urgency of the matter. A COLA follow-up letter politely reminds the employer about the previously submitted request, emphasizes the current economic challenges, and seeks a prompt response regarding the possibility of implementing a COLA. In conclusion, a Wisconsin Sample Letter Regarding Cost of Living Adjustment serves as a tool for employees to communicate their concerns about the rising cost of living in the state. It provides an opportunity for employers to understand the financial hardships faced by their employees and consider a well-deserved cost of living adjustment to ensure a sustainable work-life balance. Thank you for your attention to this matter. I look forward to discussing further steps in addressing the cost of living concerns faced by Wisconsin employees. Sincerely, [Your Name] [Your Employee ID/Department] [Contact Information]
Wisconsin 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 raise makes up for inflation. When the cost of living goes up by a certain percentage, you increase employee wages by the same percentage. For example, if the cost of living increases by 2% this year, you will increase employee wages by 2%.
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.
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.
If the chosen index rose 6% in the past year, employee salaries or hourly rates would be adjusted by a similar amount. For example, an employee with a $100,000 base salary might receive a six percent raise, or $6,000 for their COLA, prior to any performance-based increases.
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.
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.
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.
