July 21st, 2022 at 06:30 am

HOW  TO CALCULATE 15% COST OF LIVING ALLOWANCE (COLA)

After the Teachers Union embarked on a strike action due to the government’s failure to pay their Cost of Living Allowance. This Cost of Living Allowance is an Allowance paid to government employees as a short-term relief when salary increment cannot be made immediately.

Note that this COLA will not be paid anymore as soon as the salary is increased. However, they went on a meeting ( the government and organized Labour) where the government agreed to pay a 15% Cost of Living Allowance effective Ist July 2022. They also added that this Cost of Living Allowance that will be paid is 15% of a person’s base pay.

This base pay is referred to as the amount of money an employee earns even before any addition or deduction is made. In this article, we shall provide you with some guidelines on how to calculate your 15% Cost of Living Allowance. 

WAY TO CALCULATE YOUR 15% COST OF LIVING ALLOWANCE

• To calculate your 15% COLA. First, note the base pay on your payslip.
• Then you multiply your base pay by 15%. That is, 15/100 × base pay
• The amount you get after calculating will be added to your base pay.
• Note that, the salary you will receive will be affected after all other deductions and other Allowances ate added to your base pay.

15% COLA PAYMENT CALCULATION

This is a calculation of an employee’s Cost of Living Allowance based on the Base pay.

1. Base Pay-  GHS 1500

• 15% COLA- GHS 225
• Base Pay + COLA- GHS 1725

2. Base Pay – GHS 2000

• 15% COLA-  GHS 300
• Base Pay + COLA- GHS 2300

3.      Base Pay- GHS 2500

• 15% COLA – GHS 375
• Base Pay + COLA- GHS 2875

4. Base Pay- GHS 3000

• 15% COLA- GHS 450
• Base Pay + COLA- GHS 3450

5. Base Pay- GHS 3500

• 15% COLA- GHS 525
• Base Pay + COLA- GHS 4025

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