How To Communicate A Cost Of Living Raise

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How to Calculate Employee Cost-of-Living Increase

https://bizfluent.com/how-5969203-calculate-employee-cost-of-living-increase.html

Jan 22, 2019 · The average cost of living raise in 2017 was 2 percent. That means that consumers had to pay 2 percent more for the same goods and services. Because it costs more to maintain the same life, you may consider giving your employees wage adjustments to match. First, learn how to calculate this increase.

How to Communicate a Pay Raise

https://www.indeed.com/hire/c/info/how-to-communicate-a-pay-raise

Consider these best practices when it’s time to communicate a pay raise to an employee: Explain why they’re receiving a pay raise. For example, you might be issuing a raise to adjust for cost of living, which would help cover the increased cost of expenses like rent, taxes or childcare.

What Is a Cost of Living Raise?

https://www.patriotsoftware.com/blog/payroll/what-is-a-cost-of-living-adjustment/

Jul 31, 2017 · Cost of living raise example. Let’s say the cost of living rose by 1.5% over the past year. You give annual salary cost of living adjustments, so you raise each employee’s wages by 1.5%. So, if you have an employee who earns $35,000 per year, you would add 1.5% to their wages. $35,000 x 0.015 = $525. $35,000 + $525 = $35,525. Due to the ...

Just Don't Call it a Cost of Living Increase

https://www.compensationforce.com/2008/06/just-dont-call.html

That is, IN GENERAL, if/as the cost of living goes up, the cost of labor will go up as well -- unless there is a significant oversupply of labor relative to demand in given market. Being able to understand and communicate that the cost of living and the cost of labor are not entirely disconnected may make employees feel a little more ...

Cost of Living Adjustment: Definition ... - The Balance

https://www.thebalance.com/what-is-the-cost-of-living-adjustment-3305736

Aug 28, 2020 · The cost of living adjustment is an increase in income that keeps up with the cost of living. It's often applied to wages, salaries, and benefits. These include union agreements, executive contracts, and retiree benefits. For example, the government uses a COLA each year on Social Security benefits. The Social Security Administration has put in ...