The opening balance from the prior month combined with the net of all transactions during the period should result in the closing balance for the current statement.
A cost-of-living raise is an increase in pay that's intended to keep the buying power of an employee's salary the same during a period of inflation.he biggest group affected by cost-of-living raises is Social Security recipients. Some employees have contracts that include automatic cost-of-living raises. Others work for companies that voluntarily increase pay to keep pace with inflation.
According to the Congressional Budget Office, the president's proposal to use the chained CPI to calculate cost of living increases would save the government $127 billion over 10 years by cutting Social Security and $36 billion over 10 years by cutting programs affecting veterans and the poorest elderly and disabled..