{"id":1149873,"date":"2022-07-15T12:39:27","date_gmt":"2022-07-15T12:39:27","guid":{"rendered":"https:\/\/www.ghanamma.com\/2022\/07\/15\/how-to-calculate-15-cost-of-living-allowance-cola\/"},"modified":"2022-07-15T12:39:27","modified_gmt":"2022-07-15T12:39:27","slug":"how-to-calculate-15-cost-of-living-allowance-cola","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2022\/07\/15\/how-to-calculate-15-cost-of-living-allowance-cola\/","title":{"rendered":"How to Calculate 15% Cost of Living Allowance (COLA)"},"content":{"rendered":"<p><\/p>\n<div>\n<article>\n<p>After teachers embarked on Strike and various labour agitations for a 20% Cost of Living Allowance, the government of Ghana has granted a 15% Cost of Living Allowances (COLA) to cushion all public sector workers. This is due to the current socio-economic realities and global developments that are affecting the lives of ordinary Ghanaian workers in the year 2022.<img decoding=\"async\" src=\"http:\/\/www.ghanamma.com\/wp-content\/uploads\/2022\/07\/9d55de4bf3db4d86806226bba928883d\"\/><\/p>\n<p>The Payment of Cost of Living Allowances (COLA) was introduced by the late President John Evans Atta Mills.<\/p>\n<p>Like the majority of allowances, COLA has no impact on SSNIT. It serves as a buffer between employees and the harsh repercussions of economic turmoil.<\/p>\n<p>The COLA amount is the amount equal to your retention premium and this was the only allowance that was enjoyed by teachers way back. The Retention Premium is also 15% of the basic salary. Also, the base pay known as the single spine is going to be calculated based on 15% of the single spine monthly salary.<img decoding=\"async\" src=\"http:\/\/www.ghanamma.com\/wp-content\/uploads\/2022\/07\/12679eab435247c3b8ef605b03e9c4d8\"\/><\/p>\n<p>For instance, if the single spine monthly salary on the payslip is GHC 1954.90. Take 15\/100 \u00d7 1954.90= GHC 293.24. This figure will be the same as your retention premium.<\/p>\n<p>It is important to note that the GHC 293.24 will be paid every month from <strong>July up to December <\/strong>and there will be no SSNIT deductions. In short, the 15% COLA is non-taxable.<\/p>\n<p><strong>How to Determine COLA On Payslip<\/strong><\/p>\n<p><strong>The retention premium amount listed on your pay slip corresponds to the amount of the COLA you will get.<\/strong><\/p>\n<p>Earners withing this range should check out the calculation of COLA below:<img decoding=\"async\" src=\"http:\/\/www.ghanamma.com\/wp-content\/uploads\/2022\/07\/55944d1f2b5e4a39ba3fa9312568b2ed\"\/><\/p>\n<p>Content created and supplied by: Currentworldnews (via  Opera<br \/>\nNews )<\/p>\n<\/article>\n<p class=\"copyright hide\">\n<span class=\"content\">    ,  .   ,     .       () , , , , , , , , .      \/ ,  and\/or  .     ,  , and\/or  ,      and\/or     <\/span><br \/>\n<span class=\"see-more\"><\/span>\n<\/p>\n<section class=\"tags\">\nCOLA<br \/>\nCost<br \/>\nGhana<br \/>\nSSNIT<br \/>\n<\/section>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>After teachers embarked on Strike and various labour agitations for a 20% Cost of Living Allowance, the government of Ghana has granted a 15% Cost of Living Allowances (COLA) to cushion all public sector workers. This is due to the current socio-economic realities and global developments that are affecting the lives of ordinary Ghanaian workers [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1149874,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[6516,7560,17092,442,3346],"class_list":["post-1149873","post","type-post","status-publish","format-standard","has-post-thumbnail","category-top-stories","tag-allowance","tag-calculate","tag-cola","tag-cost","tag-living"],"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1149873","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/comments?post=1149873"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1149873\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/media?parent=1149873"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/categories?post=1149873"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/tags?post=1149873"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}