COLA
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samuraiwriter
- Posts: 37
- Joined: Wed Apr 25, 2007 5:34 am
COLA
How many schools around the world are helping out their USD paid employees through this difficult time? I for one have lost about 25-35 percent of my salary due to the weakening USD and inflation. Ouch! Obviously, no COLA here.
USD
Here in Cairo we're getting hit three ways. As all Canadian teachers know our dollar is now at par with the USD so what we're trying to save is worth less and less. The USD is dropping against all other currencies so travel and living is getting far more expensive and to top it all off inflation on basic food stuffs etc. in Egypt is running at about 20%. Many say more like 50%. Is there a COLA adjustment? Yah, right. There hasn't been a significant pay increase here in ten years. Teachers simply make less and less every year. Teachers are an endless commodity right? Not for long...
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samuraiwriter
- Posts: 37
- Joined: Wed Apr 25, 2007 5:34 am
Re: COLA
[quote="ichiro"][quote="samuraiwriter"]How many schools around the world are helping out their USD paid employees through this difficult time? I for one have lost about 25-35 percent of my salary due to the weakening USD and inflation. Ouch! Obviously, no COLA here.[/quote]
How exactly does that work? Are you paid based in US dollars and therefor have less local currency when you convert? If you're paid in local currency, wouldn't that give you more USD since USD are now cheaper to buy?
Our salaries are based on USD dollars then converted to local currency for paychecks, so we're at the mercy of the exchange rate--but only for exchanging. Sending money to the US is always the same because what we receive is based on US dollars to begin with. Of course this doesn't help people without USD bank accounts or those who live, work, invest, own, etc., on the local economy....and yes, we get a hefty COLA, and many live on the COLA alone.[/quote]
Unfortunately, I am paid ın USD and have to convert. I used to be able to save a bit of my USD and not convert. But these days I am afraid that is not the case. Less and less money, more and more private lessons to compensate.
How exactly does that work? Are you paid based in US dollars and therefor have less local currency when you convert? If you're paid in local currency, wouldn't that give you more USD since USD are now cheaper to buy?
Our salaries are based on USD dollars then converted to local currency for paychecks, so we're at the mercy of the exchange rate--but only for exchanging. Sending money to the US is always the same because what we receive is based on US dollars to begin with. Of course this doesn't help people without USD bank accounts or those who live, work, invest, own, etc., on the local economy....and yes, we get a hefty COLA, and many live on the COLA alone.[/quote]
Unfortunately, I am paid ın USD and have to convert. I used to be able to save a bit of my USD and not convert. But these days I am afraid that is not the case. Less and less money, more and more private lessons to compensate.