COLA. Subject to the provisions of this paragraph, there shall be a Cost of Living adjustment to the standard hourly rates of the employees covered by this Agreement. All adjustments shall be incorporated into the standard hourly rates and shall be made annually on the Sunday closest to the first day of January based on the Consumer Price Index for Canada (1986 = 100), published by Statistics Canada. The basic Consumer Price Index upon which this paragraph has been based is 129.6 (being the Consumer Price Index for Jan. 1993, published in Feb. 1993). It is agreed that an increase or decrease of .325 in the Index reflects an increase or decrease of one cent (1¢) per hour. The CPI will be read every January on an annual basis and increases will be subsequently applied and folded into the end rates each year. Any decreases in the CPI will not reduce the wages below the basic wages plus contractual increases. Example C.O.L.A. increase of .6 cents in the year. CPI decrease of .8 cents in the subsequent year.
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COLA. Subject to the provisions of this paragraph, there shall be a Cost of Living adjustment to the standard hourly rates of the employees covered by this Agreement. All adjustments shall be incorporated into the standard hourly rates and shall be made annually on the Sunday closest to the first day of January based on the Consumer Price Index for Canada (1986 = 100), published by Statistics Canada. The basic Consumer Price Index upon which this paragraph has been based is 129.6 (being the Consumer Price Index for Jan. 1993, published in Feb. 1993). It is agreed that an increase or decrease of .325 in the Index reflects an increase or decrease of one cent (1¢) per hour. The CPI will be read every January on an annual basis and increases will be subsequently applied and folded into the end rates each year. Any decreases in the CPI will not reduce the wages below the basic wages plus contractual increases. Example C.O.L.A. increase of .6 cents in the year. CPI decrease of .8 cents in the subsequent year. Only .6 cents can be taken off the wage rates.
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Samples: Agreement
