What is a cost of living adjustment?
An example of an AI chatbot conversation about cost of living adjustments and their significance.
What is a cost of living adjustment?
A cost of living adjustment (COLA) is an increase in income to keep up with inflation and rising living costs.
How is it calculated?
COLA is typically calculated based on changes in the Consumer Price Index (CPI), which measures inflation.
Who usually receives COLA?
COLA is commonly given to Social Security beneficiaries, retirees, and some employees under union contracts.
Why is it important?
It's important because it helps maintain purchasing power and ensures that individuals can afford basic necessities.
Can you give me an example of how it works?
Sure! If inflation is 3%, a person earning $50,000 might receive a $1,500 COLA to match the increased cost of living.
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