cost of living award

'cost of living award' can also refer to...


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An increase in pay to match an increase in the cost of living and so maintain the real value of earnings in the face of inflation. Cost of living awards have been a particularly noteworthy feature of North American collective bargaining, where agreements may specify a cost of living increase plus an additional amount to provide for an increase in real earnings. This separation of the components of a pay increase is less common in the UK but matching the percentage increase in the rate of inflation is a basic objective of most union wage negotiators.

Subjects: Human Resource Management.

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