The projected accumulation toward the sixth regular COLA under the 2019-2023 National Agreement stood at $2,517 annually in July following the release of the June 2022 Consumer Price Index.
On July 13, 2022, the Bureau of Labor Statistics announced that the CPI for Urban Wage Earners and Clerical Workers (CPI-W, 1967=100) stood at 871.393 in June, 126.017 points above the base level of 745.376 in July 2019. The accumulated COLA through July stood at 121 cents per hour or $2,517 annually.
The sixth COLA will be based on the increase in the CPI-W between the base index month and July 2022, less any previously calculated COLAs, and will be payable the second full pay period following the release of the July 2022 index. The five COLAs that have been calculated under the 2019-2023 National Agreement, totaling 194 cents per hour, are as follows: 1st COLA, 8 cents per hour ($166 annually), 2nd COLA, 9 cents per hour ($188 annually), 3rd COLA, 20 cents per hour ($416 annually), the 4th COLA, 93 cents per hour ($1,934 annually), and the fifth COLA, 64 cents per hour ($1,331 annually).
