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How to calculate a cost of living allowance

Cost of Living Allowance (COLA) is a salary supplement paid to employees to meet the cost differences of life, particularly as a result of an international mission.

The amount of glue should allow a foreigner to buy the same basket of goods and services host in place as they could in their home country. The basis for the calculation of a COLA is the cost of living index (COLI), which rates the costs of the same basket of goods and services in different geographic locations. Cola is an accurate method of measuring the fluctuations simple purchasing power of wages and ensuring equality.

Cost Life

Our cost of living indexes measure the cost of 230 goods and services through 13 different basket groups in 276 cities around the world. Data are collected by a team of research analysts of the survey items that are available internationally comparable. A minimum of 3 out of the same brand / size / volume of the product is used to determine the average price for each item at each location. The items are priced on a quarterly basis, and tend to raising and lowering inflation. The basket of 13 different categories are:

Alcohol and snuff: alcohol and snuff products

• Alcohol at the Bar
• Beer
• Cigarettes
• Locally Produced Spirit
• Whiskey
• Wine

Clothing: Clothing and footwear products

• Business Suits
• Casual Clothing
• Children's clothing and footwear
• Coats and hats
• Evening Wear
• Shoe Repairs
• Underwear

Communication

• Home Telephone rental and call charges
• Internet connection fees and service provider
• Mobile / Cellular Phone Call contract

Education

• Nursery / Pre-School Fees
• High School / College Fees
• Elementary School Fees
• Tertiary Tuition

Furniture and appliances: Furniture, fittings and appliances

• DVD Player
• Fridge Freezer
• Iron
• Coffee maker, toaster, microwave
• Bulbs
• Television
• Vacuum
• Washer

Foods: Food, drinks and cleaning supplies

• Baby Consumables
• Oven Products
• Baking
• Food canned
• Cheese
• Cleaning Products
• Dairy
• Fresh fruits
• Fresh Vegetables
• Fruit juices
• Frozen
• Meat
• Oil and Vinegar
• Pet Food
• Pre-Prepared Meals
• Sauces
• Seafood
• Snacks
• Refreshments
• Herbs and spices

Health: General Health, Medical and Health Insurance

• General Practitioner consultation rates
• Daily Rate Private Hospital Ward
• Over the counter Medicine
• Private Health Insurance / Medical Aid Contributions

Home: Housing, water, electricity, gas fireplace, domestic fuels, the local tax rates and residential

• Mortgage real estate for sale
• Sale of rental flats
• Electricity consumption of housing
• Household Gas / fuel consumption
• Water consumption of households
• Local rates Property / Taxes / Tax

Linen Miscellaneous: Stationary, and general goods and services

• Home help
• Dyeing
• Linen
• Office supplies
• Newspapers and Magazines
• Stamps

Personal Care: Personal care products and services

• Cosmetics
• hair care
• Moisturizer / Sun Block
• Diapers
• Pain Relief Tablets
• Toilet Paper
• Toothpaste
• Soap / Shampoo / Conditioner

Recreation and Culture

• Books
• Camera Film
• Film Ticket
• DVD and CD's
• Articles sports
• Theater Ticket

Restaurants, dining in restaurants and hotels

• Business Dinner
• Dinner at the restaurant (not fast food)
• Hotel Rates
• Take Away drinks and snacks (fast food)

Transport: Public transport, vehicle costs, vehicle fuel, vehicle insurance and vehicle maintenance

• Contracts purchase / leasing of vehicles
• Petrol / Diesel
• Public Transportation
• Maintenance Service
• Tires
• Vehicle Insurance
• Purchase of vehicles

Each category of the basket does not count and weighted equally in the final calculation on the basis of expenditure patterns of expatriates.

In order to calculate an exact cost of living index for a specific individual the basket products that are not relevant to the individual should be excluded. For example, if education and housing is provided by the employer of these categories in the basket were excluded from the cost of living index calculation. This increases the accuracy of the cost of living and enables each individual has his own personal cost of living based on their specific regime rather than using a general "generic" index is likely to contain the costs that are not relevant to the individual.

The formula for calculating the specific cost of living in an international mission is as follows:

Cost of Living Cost Index = measure of life in to the Host City / Cost of living measured by the city's main index

In moving to a higher cost of living in the host city, the rate will be higher than 1 (positive). When moving to a lower cost of living in the host city of the index will be less than 1 (negative). When the index is negative, it means that in terms actual, cost of living in the host city is smaller than the city of origin. This means that if a negative index will be applied to the salary of the employee who actually pay can spend proportionately less salary in the host city. It is important to note that most organizations do not apply a negative cost of living and that makes it difficult to convince an employee to accept a mission, as they tend to see as a pay cut.

Examples of cost of living in calculations using our data:

Example 1) An Australian employee moving from Perth to London, where health and communication will be provided by the employer

More expensive in London:

• Alcohol And Snuff 4.77%
• Clothing 21.85%
• Education 31.53%
• Furniture and Appliances 16.03%
• Edible 16.35%
• Home 50.72%
• Several 137.47%
• Personal Care 11.18%
• -6.82% Leisure & Culture
• Restaurant meals in restaurants and hotels 34.99%
• Transportation 19.80%

The difference in the overall cost of living in Perth and London movement is 28.06%.

In this case, the cost of living is positive, and apply as it is.

Example 2) An employee of British move from London to Bombay where the employer will provide housing and education

More expensive in Mumbai:

• Alcohol And Snuff -37.53%
• Clothing -9.58%
• Communication -44.92%
• Furniture & Appliances -19.31%
• Grocery -24.03%
• Health -31.24%
• Several -72.43%
• -24.94% Personal Care
• Recreation and Culture -35.73%
• Restaurants Meals in restaurants and hotels -33.11%
• Transport is -27.99%

The difference Total cost of living in Mumbai is moving to London -30.53%.

In this case, the cost of living is negative and would not apply.

Net pay can spend

Differences in cost of living impact only the portion of salary that can be spent in the host country. Articles in the country of origin as pension funds, insurance and other home based on the costs are not affected by the cost of living in the host country.

To determine the salary net can be spent to establish what portion of the salary amount for current (lc) is devoted to keeping employees current standard of living / lifestyle. What will the expatriate needs to spend their wages in the host country? For example accommodation will be provided or paid rent for employees be provided medical care, etc. deduct all the elements that are provided in kind, or you can spend in the country of origin. deducting the hypothetical amount of taxes, levies social and other statutory deductions applicable in the country of origin of the salary to spend. What remains is the net salary to spend.

Cost of living allowance (COLA)

The formula for calculating the cost of living allowance of contributions is the following:

(Net Disposable salary cost of living index XXX hardship unless the exchange rate) (net disposable wage rate X) = TAIL

Examples of calculations using our data COLA

Example 1) An employee of Australia can spend with a net salary of U.S. $ 100,000 Perth dollars in moving to London, where health and communication will be provided by the employer

(X $ 100,000.00 1.2806 X 1 X 0.4768) less ($ 100,000.00 X 0.4768) = Tail of £ 13,379.44 (GBP)

On the basis of all these factors require a person a cost of living allowance of £ 13,379.44 (GBP), in addition to their current salary 100,000.00 Australia Dollar (AUD) to make the move from Perth London. This cost of living allowance to offset the cost of living difference of 28.06% and the relative difference in the hardship of 0%.

Example 2) A British employee can spend with a net salary of £ 18,000 on the move from London to Bombay where the employer will provide housing and education

Note: Because the cost of living is negative, does not apply.

(£ 18,000.00 X 1 X 1.3 X 67.2852) minus (£ 18,000.00 X67.2852) = Queue Indian rupee 363,340.32

On the basis of all the above factors a person would require a cost of living allowance of 363,340.32 (INR), and his current salary of £ 18,000.00 British Pound (GBP) to make the move from London to Mumbai. Cost of Living Allowance that compensates the cost of living difference% [-30.53] and the relative difference in the difficulties of 30%.

COLA Payment

The COLA is paid as a salary supplement (ie, as an additional allowance) net of tax in the host country. If the queue is a taxable benefit on the host country must be raised so that the total amount of COLA payable tax calculated, since the basis of the calculation is net salary can afford. The COLA is often accompanied by other benefits and benefits such as flights of origin, transfer and settling in allowance and furniture allowance.

Fluctuations

Significant changes in the exchange rate can make a considerable difference in the COLA calculation. In 2008, some major global exchange rates has changed as much as 30-40%.

The cost of living reflects changes in inflation and exchange rates. In the short term there may be an imbalance between inflation and the exchange rate (which pushes the other), however over time the cost of living provides the most accurate view of the cost of living.

It is important to remind expatriates when cost of living difference is negative, the negative value has not been implemented, have greater purchasing power in the host country than they would at home.

When negative cost of living index has not been applied (our preferred method), and a change in the exchange rate indicates an upward adjustment in the queue could If necessary, it is recommended that the COLA should not be adjusted upward until the cost of living becomes positive, ie the cost of living shows that there is a real rate the cost of living between countries of origin and destination. This may mean that their would be no increase in the Cola as a result of exchange rate fluctuations for a while considerable. During this time reduced the purchasing power of employees. But it is important to remember that until the cost of living difference becomes positive, the individual still have a higher purchasing power than when they do in their country of origin.

It is advisable to stipulate a rule to protect currencies, instead of reacting to any fluctuation in the exchange rate. For example, the rule can be stated that COLA will be revised if the exchange rates and inflation move more locally 10% for one year. It is important to note that the prices of goods and services will not fall in local currency. This would only happen over a period of deflation (negative inflation). Therefore, the rule of protection of currency adjustments would normally be expected to rise in line and no downward adjustments during the assignment of an employee. downward adjustments to an existing COLA, due to currency fluctuations, without a corresponding drop in the prices of local goods and services puts immense pressure on the currency of a host employee budget commitments and can lead to employees experiencing financial difficulties.

Using an independent service provider provides an independent, objective basis for determining an employee's COLA.

We therefore recommend that a COLA is calculated using the specific (custom) cost of living to the net salary can be spent at the beginning of the assignment and tracking rate fluctuations since then, plus annual pay review.

About the Author

Steven Coleman runs the most comprehensive international cost of living website available http://www.xpatulator.com an internet service that provides free cost of living and hardship information for 276 global locations to registered users. The premium content calculators allow you to customise your own cost of living index by choosing your own basket groups and includes a COLA calculator. Follow Steven on twitter http://twitter.com/steveninseattle/”>steveninseattle.

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