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.
