Meaning of “cost of living adjustment” in the English Dictionary

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"cost of living adjustment" in Business English

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cost of living adjustmentnoun [ C ]

uk us abbreviation COLA

ECONOMICS, HR an increase in a person's wages, pension, etc. that is made once a year according to how much the prices of things such as food, transport, and housing have increased:

Because of falling consumer prices, the government recently announced that there will be no cost of living adjustment (COLA) for Social Security recipients this year.

(Definition of “cost of living adjustment” from the Cambridge Business English Dictionary © Cambridge University Press)