A breakdown of the Federal pay raise & COLAs for retirees

Drew FriedmanThe first Eye on Washington of the new year welcomes Drew Friedman, reporter with Federal News Network.

They discuss the major changes for the federal community in January, including the largest federal employee pay raise in more than 40 years.

Federal retirees also saw varying cost-of-living adjustments (COLAs) depending on their retirement system – 3.2% for CSRS retirees while FERS retirees only saw a 2.2% adjustment. Jessica and Drew break down these numbers and what they really mean for you in this month’s episode.