COLAs are applied annually to an employee’s compensation on their work anniversary.
Exact rates are reviewed at the end of each year to determine the COL % for the next year.
The adjustments for 2024 are:
- 2.5% for employee’s paid within their benchmark range
- 2% for employee’s if their compensation is less than 10% above benchmark
- 1.5% for employee’s if their compensation is more than 10% above benchmark but less than 25%
- 1% for employee’s if their compensation is more than than 25% above benchmark