All About Cost of Living Salary Increase Request Letter
The cost of living has been increasing steadily in the United States over the last year. Prices have been rising about every month, with increases in gas costs, food prices, and home prices, among other costs. With the rise in costs, a rise in wages seems likely to follow. But not every company is on board with raising wages for their employees.
If your company isn't offering you an increase in wages, you are welcome and able to write a request letter for a salary increase due to the higher cost of living. This process can be challenging and frightening, but you don't have to do it alone. With a little help, you can craft a request letter and get a salary increase in no time.
Why Do Companies Give Cost of Living Raises?
Companies usually give cost-of-living salary increases when the price of living goes up. This is because the increased cost of living means that employees' paychecks are worthless even if they are still earning the same salary they did when the cost of living was cheaper.
Usually, cost-of-living increases are based on information from the Consumer Price Index (CPI). The CPI measures an approximate amount of how much a person must spend to meet a certain standard of living. Over the years, the cost of living has increased fairly regularly from year to year, leading to a slow increase in employee salaries.
Over the last year, the CPI has risen about 6.2 percent, which makes a cost of living salary increase a reasonable expectation for most employees. While cost of living increases don't technically count as raises, since they're only intended to keep you living at the same income level as before, they are still very useful when you're doing what you can to maintain a standard of living.
What Do You Include in Your Salary Increase Letter?
When writing a salary increase letter to ask for a raise, there are a few things to keep in mind. Some arguments are important to getting the raise you're seeking, while some arguments will only damage your cause. Let's look at what to include in your salary increase letter and what to leave out.
|What to include||Below are some points you should definitely include in order to write a persuasive argument:
|What not to include||When you're requesting a salary increase, there are a few things you should avoid mentioning. These include:
Why Should I Request a Salary Increase Due to Cost of Living?
As an individual, you are responsible to advocate for yourself in an increasingly busy world. While your employers may want to do their best for their employees, they may not realize the financial hardships that come with cost-of-living increases. It's important you know how to alert them when you need more support than they're offering.
You should request a salary increase to ensure you can maintain the same standard of living as you are already used to. This is important for you and your family to enjoy the same experiences, foods, and adventures that you've come to love. To maintain your health as an individual and as a family, you need to keep making the same amount of money relative to your overall costs.
Keep in mind that this request could benefit your employer as well since they won't have to train a new employee when you decide to leave and find a higher-paying job elsewhere.
How Do You Ask for a Salary Increase Due to Cost of Living?
While writing a letter is a simple way to ask for a salary increase, there is an easier way to do it. Writing a letter takes a lot of time and effort on your part, which is even more challenging if you're not much of a writer. Thankfully, you don't have to write a salary increase letter alone if you feel you need help. DoNotPay can make requesting a salary increase due to cost-of-living increases a breeze. Many choose to trust DoNotPay with this task because:
- It's Fast--It can take a lot of time to do the appropriate research. DoNotPay's process is much faster.
- It's Easy --It's much easier to give DoNotPay the information we need to make your case than doing the research and setting up the conversations yourself.
- It's Successful --You can rest assured knowing we'll make the best case for your salary increase.
It's easy to ask for a salary increase due to the cost of living with a little help from DoNotPay. We've got you covered in 5 easy steps:
- Enter the name of your company and supervisor as well as how long you have worked at the company.
- Select which industry your job position falls under so we can find the right year-over-year wage growth.
- Enter the salary increase (as a percentage) you would like to ask for. The recommended number is ~6%.
- List your recent goals and accomplishments to make a more convincing argument for your raise.
- Choose whether you would like us to email this request to your manager/supervisor on your behalf. If not, we'll generate the request as a PDF that you can deliver to them yourself.
And that's it! In a few simple steps, you can request a salary increase without having to spend hours crafting a letter.
How Else Can DoNotPay Help Me?
Requesting a salary increase due to cost-of-living may be your biggest priority right now, but that won't always be the case. DoNotPay is here to help you with so much more than just salary increases! We can also help you:
- Make sick leave requests.
- Find help lowering and paying bills.
- Fight workplace discrimination.
- Fight breaches of contract.
- And more!
If you need help requesting a salary increase with a letter due to a cost-of-living increase or with fighting other battles at work, DoNotPay is here to help. Reach out today for guidance and resources to get the most out of your work.