The government and the Teacher Unions have finally agreed for 15% cost of living allowance (COLA) effective July 2022.
This new development has led to many teachers asking how much money will reflect on their payslip. It is worth noting that the 15% is calculated on the basic salary and not the gross salary.
Lets assume, teacher A has a basic salary of Ghs 2,000. 15% of Ghs 2000 equates to Ghs 300.
This allowance is actually equal to the retention premium on the payslip since that is also 15%.
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