Effective March 5, 2021, a 3 cent cost-of-living adjustment (COLA) will be added to the hourly wage rate for IAM members at Boeing. The 3 cents was generated for the quarter November and December 2020 and Janaury 2021. COLA is generated quarterly under the IAM contract and is based on the federal government’s Consumer Price Index.
COLA is permanently rolled into a member’s base rate each September. The value of our quarterly COLA, even when it is only a few pennies, has a significant impact on our maximum rates over time. As of March 2021, $16.79 of the maximum rates is the result of COLA payments being folded into our base rates.