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.
When the cost of living goes up but the minimum wage does not rise it loses value and minimum wage workers have less purchasing power. To keep this from happening, ten states index their minimum wages to inflation, meaning that they change it each year to reflect changes in the cost of living.