Cost of Living Salary Adjustments Coming Soon

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Summary Sentence:

In April, eligible Georgia Tech employees will begin receiving a $5,000 Cost of Living Adjustment (COLA) recently approved by Governor Brian Kemp and state legislators.

Full Summary:

In the wake of very challenging times for many in the campus community, there is good news to share. In April, eligible Georgia Tech employees will begin receiving a $5,000 Cost of Living Adjustment (COLA) recently approved by Governor Brian Kemp and state legislators.

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In the wake of very challenging times for many in the campus community, there is good news to share. In April, eligible Georgia Tech employees will begin receiving a $5,000 Cost of Living Adjustment (COLA) recently approved by Governor Brian Kemp and state legislators.  

The majority of pay adjustments will be completed in April, but there are many unique situations, such as mid-year hires, job changes, and leave statuses, that will require manual pay adjustments into May.   

"We are very appreciative to Governor Kemp, the General Assembly, and the State of Georgia for the continued investment in state employees, including those within the University System of Georgia. The increase provides recognition for the talented individuals who continue to work tirelessly at Tech and at our sister institutions across Georgia,” said Georgia Tech President Ángel Cabrera. “The recent action is also a welcome addition to the investments Georgia Tech has made as an Institute, including $13.9 million committed to market and equity adjustments to date for this fiscal year that included an increase of the minimum wage to $15 per hour. Overall, these adjustments show a continued commitment to our employees’ well-being, which includes financial wellness, and are an extension of the values set forth in our strategic plan.”

Who is eligible? 

The $5,000 salary increase is for all active, regular, benefits-eligible faculty and non-academic staff at Georgia Tech. The increase will be prorated based on full-time equivalency (FTE). Employees not receiving benefits, including temporary workers and those working less than 30 hours per week, are not eligible for the increase. There may be exceptions to the eligibility population based on unit structure and funding. 

When will the payments be issued? 

Eligible employees paid biweekly will see the increase and one-time supplemental payment in their April 22 paychecks.

Eligible employees paid monthly will see the change in their April 29 paychecks. 

How will the increase be distributed? 

For eligible employees to receive up to a $5,000 increase — prorated based on FTE — for FY22, a salary adjustment will be awarded prior to June 30, the end of this fiscal year, in the following manner:  

  1. In April, eligible employees will receive a one-time pay supplement of up to $3,750 based on the number of pay periods an individual was employed by the state between July 1, 2021, and April 1, 2022, and FTE.  
  2. The remaining balance, up to $1,250, will be included on the normal payment schedule to finish out the fiscal year. 
  3. The ongoing increase for FY23 will be applied and appropriately distributed across the pay calendar.  

The one-time payment is subject to all applicable FICA taxes, federal income tax, and state income tax.  

More information about the COLA will be provided as soon as it becomes available. Employees are invited to visit hr.gatech.edu/cost-living-adjustment for frequently asked questions and the latest news and updates.  

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Keywords
compensation, cost of living adjustment, human resources
Status
  • Created By: Rachael Pocklington
  • Workflow Status: Published
  • Created On: Mar 21, 2022 - 9:28am
  • Last Updated: Apr 27, 2022 - 12:36pm