COLA decreases in U.K.

[unhappycamper]

COLA decreases in U.K.
Stars and Stripes
European edition, Tuesday, December 2, 2008

U.S. military members living in the United Kingdom will see a smaller paycheck during the peak of the holiday shopping season.

The strengthening dollar is to blame for the decrease in the cost-of-living allowance, according to the Pentagon’s Per Diem, Travel and Transportation Allowance Committee.

In calculating COLA rates for midmonth, the per diem committee raised the dollar-to-pound exchange to .6804, from the previous .6282.

The British pound last week weighed in at $1.54, its lowest level in almost six years.

U.K. troops will see COLA drop from four to six points, depending on location. One point is equal to about $25 a month, meaning that troops will lose somewhere between $100 to $150 a month in COLA.


Rest of article at: http://www.stripes.com/article.asp?section=104&article=59162