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English definition of “cost of living allowance”

cost of living allowance

noun [C]     ( abbreviation COLA)
ECONOMICS, HR extra money that some people receive from their employer, for example, because they work in an area that is very expensive, or because prices have increased: A cost of living allowance is paid to cover the additional living costs incurred by employees who are living away from home.
(Definition of cost of living allowance noun from the Cambridge Business English Dictionary © Cambridge University Press)
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