COLA is increasing for servicemembers in South Korea
Servicemembers in South Korea will see a slight increase in COLA, which is up by two points at most locations.
The Korean won is strengthening a bit against the dollar. The per diem committee used an exchange rate of 963.79 won to calculate COLA for the second half of April, compared with 1,000.46 won April 1.
With the new index, an E-5 with 10 years of service and three dependents living in Seoul will receive a COLA of $314.17, an extra $24 per pay period, or about $50 per month.
COLA is adjusted up to twice a month based on local currency fluctuations.
It’s intended to offset the higher cost of living for servicemembers at overseas locations.