Here is How to Calculate 15% COLA as agreed to be paid by government.
The government has agreed to pay a 15% COLA with effect from 1st July , 2022. This comes after a meeting with Organised Labour.
The COLA to be paid is 15% of your base pay.
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What Is COLA
- COLA, is an allowance given to government employees as short-term relief when immediate salary increment cannot be made.
- Payment of COLA, stops as soon as a salary is increased.
What Is Base Pay
- The base pay, is the amount of money an employee earns before any additions or deductions are made.
- The base pay is denoted on your GOG payslip as “Single Spine Monthly Salary“
- The base pay also known as the single spine salary is going to be calculated based on 15% of the single spine monthly salary.
- To know your base pay, check your payslip here
How To Calculate 15% COLA
To Calculate 15% COLA assuming your base pay on your payslip is GHC 2000.
- Multiply 15% by 1500 thus 15/100 × 1500 = GHC 225.
- Your COLA for this instance is GHC 225
- The GHC 225 will be added to your base pay of GHC 1500
- Your receivable salary will be effected after other deductions (taxes, etc) and other allowances are added to your base pay
Govt 15% COLA Payment Calculation Table
|Base Pay (GHS)||15% COLA (GHS)||Base Pay + COLA (GHS)|
When Will COLA Be Paid
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