COLA Provision Sample Clauses
COLA Provision. In June 2008, if the Consumer Price Index Urban for Chicago for the twelve months ending in February 2008, exceeds 5.27% (the 2008-09 salary increment of 4.77% + .50%), the 2008-09 salary schedule shall be increased by 75% of the difference for the first percent of excess above 5.27%, by 62.5% of the difference for the second percent, and by 50% of the difference for the remaining percents of excess. However, the maximum additional increase to the salary schedule shall not exceed 3%.
COLA Provision. If the Consumer Price Index Urban for Chicago for the twelve months on December 31, 2011 exceeds 5.21% (the 2012-13 salary schedule increase of a 4.71 + .50%), adjuncts shall receive a cost of living bonus payment. This will be a one time payment. The bonus pay will be based upon the 2011-12 salary schedule and calculated as follows: % multiplier x step rate = bonus payment per LHEPF. .750% of the difference between the 12/31/11 CPI-U and an increase between 5.21- 6.21% .625% of the difference between the 12/31/11 CPI-U and an increase between 6.22- 7.21% .500% of the difference between the 12/31/11 CPI-U and an increase between 7.22- 10.46%.