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WordNet-Online
Definitions from WordNet | ||||
Definitions from the WebCost-of-Living AllowanceDefinition: A cost-of-living allowance, commonly abbreviated as COLA, is an additional amount of money given to employees to help them meet the higher cost of living in a particular location. Sense 1: Noun - Compensation A cost-of-living allowance refers to the extra compensation provided to employees to offset the increased expenses associated with living in a specific city or region. This allowance is usually based on the difference in the cost of goods, housing, transportation, and other daily necessities between the employee's current location and the designated area. Sample Sentence: Many professionals are attracted to job opportunities overseas due to the attractive cost-of-living allowances provided by multinational companies. Sense 2: Noun - Military Compensation A cost-of-living allowance is a type of additional pay granted to members of the military based on their duty station's higher cost of living compared to their home location. It aims to ensure that military personnel can have a similar standard of living wherever they are assigned. Sample Sentence: The soldiers stationed in expensive cities receive a generous cost-of-living allowance to help them cope with the high housing and utility costs. Sense 3: Noun - Economic Policy A cost-of-living allowance is sometimes referred to as a strategy implemented by the government to adjust wages or benefits in response to changes in the country's overall cost of living. It is used to maintain the purchasing power of individuals and prevent the erosion of their wages due to inflation. Sample Sentence: The cost-of-living allowance is calculated annually, ensuring that minimum wage workers can keep up with the rising cost of necessities. Related Products: | ||||
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