If you are a federal employee, you may have heard of Cost of Living Adjustment (COLA). While at first, it might seem like the cost of living adjustments made in social security cases, these are two different things. Here’s what to know about COLA in Louisiana and how it might impact your workers’ comp benefits.
The Cost of Living Adjustment (COLA) Defined
Government employees in federal positions are covered by the Federal Employees’ Compensation Act (FECA), which is administered by the U.S. Department of Labor. Under these statutes, federal employees are entitled to an annual Cost of Living Adjustment (COLA) to account for inflation, increased housing costs, and other rising expenses.
When Is COLA Determined?
Every year in March, the Department of Labor conducts a cost of living review and determines what the COLA will be for that year. In 2022, this amount was 5.9% and is expected to increase to 9.1% in 2023.
Although this seems generous, the rate of inflation is at the highest it’s ever been in the past 40 years. Often, adjustments to workers’ compensation benefits for increases in the cost of living just aren’t enough to bridge the gap, especially coming out of the COVID-19 pandemic and the Great Recession.
Who Is Eligible for Cost of Living Adjustment (COLA)?
Unfortunately, only federal employees are currently able to receive an adjustment for the increase in the cost of living while receiving workers’ compensation benefits under FECA. Private workers’ comp insurance carriers are not required to conduct cost of living reviews or pay increased benefits when the cost of living inevitably raises.
How a Workers’ Compensation Attorney Can Help You
Navigating federal workers’ comp can be challenging at best but Federal employee lawyers can help. If you’ve been injured on the job as a federal employee, it’s important to act quickly to secure your rights to workers’ compensation benefits. Wanko Workers Comp Lawyers is a veteran Louisiana workers’ comp law firm that can help you obtain the benefits you need after a work accident or other on-the-job injury.
Call today to schedule a free consultation to discuss your legal options or to learn more about how to file for federal workers’ comp by calling (985) 202-9907. Our team of work injury professionals is available now to provide you with assistance and will strive to help you obtain the maximum benefits you are eligible for.
