Dear Seniors, Could any one explain me how COLA - Cost of living adjustment component can be calculated and included in a salary structure Regards, Mahesh
From India, Pune
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1From India, Pune
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For each scheduled employment, Variable Dearness Allowance has been declared by the state government following the provisions of the Minimum Wages Act. The VDA is linked to the Cost of Living Index number. The VDA will be the same for all employees under one industry/scheduled employment. It may be like Rs 1.60 per month for every point of CPI (Consumer Price Index) above, say, 400 points. If the present CPI is 1567, then the VDA will be Rs 1.6 multiplied by 1167 (1567-400).
For a clear understanding, it is necessary to know the employment in which your establishment falls. Please verify the present CPI and find what is stated in the Minimum Wages notification concerning your organization.
Regards,
Madhu.T.K
From India, Kannur
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For a clear understanding, it is necessary to know the employment in which your establishment falls. Please verify the present CPI and find what is stated in the Minimum Wages notification concerning your organization.
Regards,
Madhu.T.K
From India, Kannur
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COST OF LIVING INDEX NUMBER FOR EMPLOYEES.pdf
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