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Tue, 29 Mar 2022 06:45:06 +0000
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Dear Members,
Many of you will be hoping for increases in your pension payments, most after some hiaitus.

2. Below is a summary of information we know so far for 2022.

3. We shall start with the country where most of our members live.

ITALY
4. The change of Consumer Price index (CPI) to be applied to the local track of Italy will be 5.3% in the April 2022 Cost-of-Living Adjustment (COLA) update, which has been derived by comparing the December 2021 CPI against the last implemented CPI of December 2017.

According to the two-track pension adjustment system of UNJSPF the actual change of the amount of pension benefit depends not only on the above mentioned movement of the CPI.
 It also depends upon the relationship between the local equivalent of the US track and the local track.  A two-track pensioner is entitled to the higher of the two amounts until the next quarter, but the US dollar track is subject to a cap (Maximum Benefit).

Towards the third week of April 2022 the Fund will send COLA Letters to retirees informing them of  changes in individual pension benefits.

DOLLAR TRACK
5.  In accordance with the UNJSPF Pension adjustment system, there will be an 8.6% cost-of-living adjustment to the US dollar track of periodic benefits for this year.
 The adjustment will be applied effective 01 April 2022.

OTHER COUNTRIES, WHERE BENEFICIARIES HAVE CHOSEN THE LOCAL TRACK
6. We do not have details yet , but Cost-of-Living Adjustment (COLA) letters with these details will be issued by the end of April 2022.

Good health to all.
Your FFOA Executive Committee.


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