What is a cost of living adjustment?

A cost of living adjustment, or COLA, is a payment made to people who are receiving workers compensation benefits in Virginia. This payment is intended to help those people maintain their standard of living in light of rising costs due to inflation. This adjustment is made to the injured worker’s benefits to ensure they don’t lose purchasing power over time. In Virginia, the cost of living adjustment is determined by the General Assembly. The adjustment is calculated for the preceding calendar year and is based on the consumer price index produced by the Bureau of Labor Statistics. This adjustment is typically made in December or early January. The cost of living adjustment in Virginia is designed to give injured workers a measure of economic security. Having a predictable guarantee that their benefits will keep up with rising costs makes it easier for those individuals to make ends meet while unable to work. The COLA also allows individuals to plan for the future, knowing that their benefits will keep up with the costs of living in Virginia.

Related FAQs

How much money can I receive in workers' compensation benefits?
What is an employer's responsibility for providing a safe workplace?
What happens if I'm not able to return to my pre-injury job?
What is the difference between a workers' compensation attorney and a workers' compensation doctor?
What is a designated treating physician?
Is there a statute of limitations on workers' compensation claims?
Are there any benefits available to deceased workers' compensation claimants?
Are workers' compensation benefits taxable?
What penalties can an employer face for failing to carry workers' compensation insurance?
Can I be fired or demoted for filing a workers' compensation claim?

Related Blog Posts

Understanding the Basics of Workers Compensation Law - July 31, 2023
What to Know About Filing a Workers Compensation Claim - August 7, 2023
Exploring the Benefits of Workers Compensation Insurance - August 14, 2023
Knowing When to Seek Legal Advice for Workers Compensation Issues - August 21, 2023
The Dangers of Not Obtaining Workers Compensation Coverage - August 28, 2023