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"What Is an Average Cost-of-Living Raise?"

As inflation inevitably increases, so does the price of everything around you. Your house, your groceries and even the percentage of tax will all increase as inflation does.

As inflation inevitably increases, so does the price of everything around you. Your house, your groceries and even the percentage of tax will all increase as inflation does.

This may at first sound worrying, but remember that your wage will also increase alongside inflation. This is known as the cost-of-living raise, or as it is more commonly
known, cost-of-living adjustment (COLA).

A COLA is different from a raise or a bonus, as it is not an increase on your overall worth. A COLA is simply put in place to match the inflation that occurs in a national economy.

In this article, we will discuss what is needed to calculate a COLA, and why it is important for you, as a taxpayer and consumer, to take note of these changes. Further, we will
outline the basics of these calculations so that you can keep on top of the changes to your benefits and wages.

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