Merit Increases and Cost of Living Adjustments

Effective Date Aug 1, 2016

Applicable Employee Classes:                                              Revised Date:                       Approved by:
All Florida Tech Staff                     February 2022 Dr. T. Dwayne McCay, President                            

Policy Title

Merit Increases and Cost of Living Adjustments

Policy Owner: Human Resources

Policy Purpose

Merit increases are granted to employees to encourage efficiency and to reward performance. COLAs are based on the standard increases in the cost of living, as measured by the Consumer Price Index.

Policy Scope

This policy applies to Florida Tech Staff. 

Policy Statement

Merit increases and Cost of Living Adjustments are not automatic. They are granted only when the university’s general economic condition permits. An employee does not acquire any right to a merit increase because of his or her length of service in a particular position or with the university in general. Please refer to the Compensation Policy for further information regarding Merit increases.

Procedures/Guidelines

 When conditions permit, employees will normally be considered for a Cost-of-Living Adjustment. The Chief Financial Officer will review the economic national averages (CPI and HEPI) and other economic factors to make a recommendation to the President. The process will begin in September each year.  

Following the application of the COLA to all eligible staff, an employee may be eligible to receive a Merit Increase based on their performance. The merit increase process will normally begin in October of each year in conjunction with the employee receiving a written performance evaluation.   The merit increase effective date will be determined annually. 

A merit increase may or may not be granted. If your supervisor does not recommend an increase, or a recommended increase is not approved, you will not be eligible for a merit increase until the next review cycle.

Employees hired by the university for the first time within three months prior to a merit increase effective date are not normally eligible for an increase during that cycle. Employees promoted through the employment process or the classification processes may be eligible for a merit increase.

The amount of funds available for merit increases shall be established annually, prior to the review period and subject to approval by the University President. The Office of Human Resources will publish and distribute to all supervisors the guidelines for merit increases based upon the approved funds available. It is the responsibility of your supervisor to be sure that appropriate forms are completed and submitted in a timely manner.

Definitions

Not Applicable

Compliance Reference

Not Applicable

Enforcement

Not Applicable