COLA For Employees Covered by the National Agreement
In August, the first month of the six-month adjustment period for the fifth COLA under the 2021 Agreement, the CPI-W Unadjusted Index (1967=100) rose to 898.229, an increase over the July 2023 index point upon which employees received the last COLA.
If the adjustment was made based on the August 2023 Index, the adjustment would be:
| Monthly Tracking | Amount |
|---|---|
| Per Annum | $250.00 |
| Per Pay Period | $9.60 |
| Cents Per Hour | $0.12 |
However, the fifth COLA under the 2021 National Agreement will be based on the January 2024 Index. Currently, the BLS has not announced the 2024 CPI release dates, so the effective dates have not yet been determined.
Under the 2021 National Agreement, employees accrued the following adjustments totaling $4,971.00:
| # | Amount | Effective Date | Pay Period | Pay Date |
|---|---|---|---|---|
| 1 | $1,310.00 | February 26, 2022 | 06-2022 | March 18, 2022 |
| 2 | $2,455.00 | August 27, 2022 | 19-2022 | September 16, 2022 |
| 3 | $208.00 | March 11, 2023 | 07-2023 | March 31, 2023 |
| 4 | $998.00 | August 26, 2023 | 19-2023 | September 15, 2023 |