Common use of Cost of Living Adjustments Clause in Contracts

Cost of Living Adjustments. ‌ The parties agree that in determining the level of any Cost of Living Adjustments (COLAs) that will be paid out starting on the first pay period after April 1, 2023 and April 1, 2024, respectively, the "annualized average of BC CPI over twelve months” in Appendix ‘A’ of the collective agreement means the Latest 12-month Average (Index) % Change reported by BC Stats in March for British Columbia for the twelve months starting at the beginning of March the preceding year and concluding at the end of the following February. The percentage change reported by BC Stats that will form the basis for determining any COLA increase is calculated to one decimal point. The Latest 12-month Average Index, as defined by BC Stats, is a 12-month moving average of the BC consumer price indexes of the most recent 12 months. This figure is calculated by averaging index levels over the applicable 12 months. The Latest 12-month Average % Change is reported publicly by BC Stats in the monthly BC Stats Consumer Price Index Highlights report. The BC Stats Consumer Price Index Highlights report released in mid-March will contain the applicable figure for the 12-months concluding at the end of February. For reference purposes only, the annualized average of BC CPI over twelve months from March 1, 2021 to February 28, 2022 was 3.4%. Employees impacted due to the University’s 2023/2024 fiscal year base budget reductions and have signed departure agreements will receive the April 1, 2022 and April 1, 2023 salary increases outlined in this agreement. #21 – SCHEDULE ‘A’ SALARY STRUCTURE AMENDMENT‌ On April 1, 2022 the salary structure listed in Schedule ‘A’ of this agreement will be amended to support recruitment and retention of its employees. Pay bands 6 through 8 will be amended to include a Step 5 representing a 0.72% increase from Step 4. Bargaining note: The order in which salary adjustments will occur are as follows:

Cost of Living Adjustments. ‌ The parties agree that in determining the level of any Cost of Living Adjustments (COLAs) that will be paid out starting on the first pay period after April 1, 2023 and April 1, 2024, respectively, the "annualized average of BC CPI over twelve months” in Appendix ‘A’ of the collective agreement means the Latest 12-month Average (Index) % Change reported by BC Stats in March for British Columbia for the twelve months starting at the beginning of March the preceding year and concluding at the end of the following February. The percentage change reported by BC Stats that will form the basis for determining any COLA increase is calculated to one decimal point. The Latest 12-month Average Index, as defined by BC Stats, is a 12-month moving average of the BC consumer price indexes of the most recent 12 months. This figure is calculated by averaging index levels over the applicable 12 months. The Latest 12-month Average % Change is reported publicly by BC Stats in the monthly BC Stats Consumer Price Index Highlights report. The BC Stats Consumer Price Index Highlights report released in mid-March will contain the applicable figure for the 12-months concluding at the end of February. For reference purposes only, the annualized average of BC CPI over twelve months from March 1, 2021 to February 28, 2022 was 3.4%. Employees impacted due to the University’s 2023/2024 fiscal year base budget reductions and have signed departure agreements will receive the April 1, 2022 and April 1, 2023 salary increases outlined in this agreement. Letter of Understanding #21 – Re: SCHEDULE ‘A’ SALARY STRUCTURE AMENDMENT‌ AMENDMENT On April 1, 2022 2022, the salary structure listed in Schedule ‘A’ of this agreement will be amended to support recruitment and retention of its employees. Pay bands 6 through Group 8 will be amended to include a Step 5 representing 2 salary increase of .58%. On April 1, 2022, the salary structure listed in Schedule ‘A’ of this agreement will be amended to support recruitment and retention of its employees. Pay Group 18, 19 and 20 will be amended to include a 0.72% Step 2 salary increase from of 1.01%. On April 1, 2023, the salary structure listed in Schedule ‘A’ of this agreement will be amended to support recruitment and retention of its employees. Pay Groups 8 will be amended to include a Step 42 salary increase of .29%. On April 1, 2024, the salary structure listed in Schedule ‘A’ of this agreement will be amended to support recruitment and retention of its employees. Pay Groups 8 will be amended to include a Step 2 salary increase of .20%. Bargaining note: The order in which salary adjustments will occur are is as follows: