- First (1st) Year. If during the first (1st) year of this Agreement the Index increases by more than five per centum (5%) calculated on the basis of the difference between the Base Index figure for September 2003 and the Index figure for each month up to and including September 2004 THEN an additional one per centum (1%) increase in the Index over and above five per centum (5%) will provide a Cost of Living Allowance of ten cents (10¢) per hour for all hours actually worked FROM the beginning of the first pay period following the first day of each such month TO the end of the pay period which includes the last day of each such month. The Cost of Living Allowance will be calculated using the above mentioned formula prorated on the basis of the Index increase over and above five per centum (5%) AND will be payable in May and November in the pay for the pay period during which the Index was released.
