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Select the home button below to get you back to the homepage. The annual rate of inflation and existing retirement law could affect the onset of your adjustment. 0000005929 00000 n Current federal employees may actually get a higher check if a person receives a promotion or a within-grade increase. Your 2022 Federal Pay Raise, COLA, and Why 2021 Inflation Is Important In September, theretirement backlogat the Office of Personnel Management reached a peak not seen in 8 years. He has written extensively on a full range of human resources topics in books and newsletters and is a co-founder of two companies and several newsletters onfederal human resources. We serve those who serve California. 18111 Nordhoff Street what is the cola for calpers in 2022? - theabrahamhouse.org That will help those fortunate enough to increase their income in this way. 2022 Cost-of-Living Adjustment Coming in May - CalPERS PERSpective Submit RFP. According to Joe Manchin (D-WV): By all accounts, the threat posed by record inflation to the American people is not transitory and is instead getting worse. If you would like to give us feedback or suggest future topics, send us an email. While all readers are likely looking forward to a 2022 pay raise in whatever form it takes, the actual change to your economic security may be a loss of purchasing power despite receiving more money each month. 0000004997 00000 n There are now more than 100 million people who do not count in calculating the unemployment rate as they are not looking for work. The law says retirees receive their first COLA in their second calendar year of retirement. This habit can be formed at any age. School Employees Retirement System of Ohio. Could Old School Budgeting Help Mitigate Massive Inflation? In 2020, an average of 7,674 retirement claims were filed each month. This is a different index that measures the cost increases that impact older Americans more than others. Your COLA Percentage 0000013356 00000 n There are also many employees who are retiring. More recently, according to the Bureau of Labor Statistics, wages and salaries increased 4.2 percent for the 12-month period ending in September 2021 and 2.5 percent for the 12-month period ending in September 2020.