COLA Adjustment for 2023

Jan 20, 2023

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Ministry of Finance

Cost of Living Adjustment (COLA)

The Ministry of Finance has announced the new percentage of COLA for the first and second quarter of 2023. Based on the transition of COLA there are three major changes.
  1. Consumer Price Index for the previous year had increased to 8.71%
  2. Based on that COLA has increased 4.36% for this year.
  3. From 01/01/2022 the percentage will be 2.54% on top of the basic salaries as they were formed at 01/01/2018 (where previous 27.99% is included in the salary, and past 220% is also included in the salary).
PayrollPlus can handles COLA rates as a parameter. In order to change the percentage of COLA, go to Edit tab on the top menu, click Company Parameters button and then change the COLA field in the Earnings tab. You can find the announcement from Ministry of Finance here.

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COLA Percentage

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