Types of Raises Flashcards
1
Q
What are types of raises?
A
1) merit 2) COLA 3) CPI 4) Equity increase
2
Q
Define a merit increase
A
based on performance
3
Q
Describe COLA
A
Cost of living increase based on inflation
4
Q
Describe CPI
A
Consumer Price Index measures inflation
5
Q
What is equity increase?
A
necessary to ensure longer serving workers are paid at current market rates so newly hired workers are not paid substantially more than current workers or they will do leave. Must do a salary survey every couple of years
