If your church ties its annual review of salaries to the Social Security COLA (Cost Of Living Adjustment) in any way, then this is probably news you need to hear now. The New York Times is reporting today that “Social Security Is Not Expected to Rise” for 2010 and perhaps even 2011.
The good news is that they are contemplating this step because inflation is so low. But if your church salary structure operates in this way, and if your personal budget would be affected by a zero-COLA year even when done in the midst of low inflation, then you probably ought to be doing some contingency planning for 2010 starting now.
2 comments:
The church that I serve is on a July-June fiscal year. Our 2009-2010 ministry plan calls for a zero COLA this year. PTL we are running a slight budget surplus. However, our pastor felt it would show empathy to many of our people who are facing unemployment or are receiving no raises. The staff was fully supportive of the plan.
Well, there goes our raise. Soc. Sec. is not going up because inflation is low? Have they seen how a can of beans has gone from 35 cents to a dollar a can? Toilet paper is up a buck. Who are they kidding? My husband isn't suppose to eat beef and chicken is through the roof. PUUULeeze.
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