David Harrison

speaker
171 appearances 4 recordings 1 series first heard Mar 2018 last heard Jan 2022

David Harrison’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Employees Get Cost-of-Living Increases to Fight Inflation · 5 Jan 2022 podcast
your wage increase is kind of tied to inflation.
So if inflation rises 6%, you get a 6% wage increase.
If it rises 3%, you get a 3% pay increase.
So it's there basically to protect you from rapidly rising inflation.
Yeah, so coal is really irrelevant at a time when inflation is rising rapidly.
So for the past three decades, we really hadn't seen much inflation.
So it really wasn't advantageous in contract negotiations for labor unions to try to negotiate for a cost of living adjustment.
Now that inflation is back and is rising rapidly, all of a sudden a COLA makes a lot more sense if you're trying to negotiate wage increases for your members because it basically protects them from the rise in the cost of living.
Well, a traditional pay raise is just that.
I mean, you get a raise of a certain percentage or a certain amount that's basically set by either between you and your employer or by your employer.
But it doesn't take into account inflation.
So if inflation is, say, 5% and you get a pay raise of 4%, you're actually missing out because your cost of living is going to go up faster than your pay raise.
The difference with a COLA is that your wage increase is kind of tied to inflation.
So if inflation rises 6%, you get a 6% wage increase.
If it rises 3%, you get a 3% pay increase.
So it's there basically to protect you from rapidly rising inflation.
A number of things.
In the case of union contracts that have COLAs, it's the agreement between the labor union and the employers.
In that case, that's something that's hashed out and negotiated.
We've seen lately a few major contracts that have included a COLA clause.
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