Cost of Living Adjustment - FY24
In July, eligible Middle Georgia State employees will begin receiving a $2,000 Cost of Living Adjustment (COLA) recently approved by Governor Brian Kemp and state legislators.
Who Is Eligible?
The $2,000 salary adjustment is for all active, regular, benefits-eligible faculty and non-academic staff at Middle Georgia State. Employees not receiving benefits, including temporary workers and those working less than 30 hours per week, are not eligible for the increase.
What is the effective date of the COLA salary adjustment?
The adjustment is effective July 1, 2023. Eligible employees will receive the $2,000 COLA if they are actively employed on or before July 1st.
- Those hired after July 1st will not be adjusted and institutions should appropriately review and offer compensation as appropriate.
When Will Payments Be Issued?
- Eligible employees paid biweekly will see the increase in their July 14th paycheck
- Eligible employees paid monthly will see the increase in their July 31st paycheck
How Will The Increase Be Distributed?
The $2,000 adjustment for FY24 will be applied and appropriately distributed across the pay calendar.The salary increase is subject to all applicable FICA taxes, federal income tax, and state income tax.
Eligibility FAQS
1. Who is eligible for the salary increase?
The $2,000 salary adjustment is for all regular fully benefited (30+ standard hours) faculty and staff of the USG who are actively employed on July 1, 2023. The adjustment will be prorated based on full-time equivalency (FTE). Non-benefited employees, including temporary and those working less than 30 hours are not eligible for the adjustment. There may be exceptions to the eligibility population based on unit structure and funding.
Timing and Pay FAQs
1. What is the effective date of the COLA salary adjustment?
The adjustment is effective July 1, 2023. Eligible employees will receive the $2,000 COLA if they are actively employed on or before July 1st.
- Those hired after July 1st will not be adjusted and institutions should appropriately review and offer compensation as appropriate.
6. When will benefits premiums be increased based on the adjusted salary?
- Employees who are paid monthly will receive the salary adjustment, benefits adjustment, and premium adjustment for short-term disability (STD), long-term disability (LTD), and supplemental life insurance (SLF) coverage reflected in the 07/31 pay date.
- Employees who are paid on a bi-weekly basis will receive the salary adjustment effective 7/1; however, the corresponding benefit and premium changes to STD, LTD, and SLF coverage will be reflected in the 07/14 pay date.