Cost of Living Allowance (CoLA)
The Cost of Living Adjustment (CoLA) is an annual wage increase to account for the increase in the cost of living due to inflation rates. We use BMO's Consumer Price Index for the respective year to calculate the rate. The rate may vary depending on the province. We implement the adjustment on the first pay period of July.
Employees who have gone through the Salary Advice Process within one year of the agreed-upon adjustment date are excluded until the following year. We provide CoLA data during the Salary Advice Process to show the existing increases or future impact for clarity and awareness.
The CoLA is only applicable to payroll employees. New hires will be eligible on July 1st following the first anniversary of their employment. If there is deflation, there will be no CoLA allowance provided on the agreed-upon date.
Last modified 6mo ago