COLA drops for troops across Europe

[unhappycamper]

COLA drops for troops across Europe
By Matt Millham, Stars and Stripes
European edition, Friday, February 2, 2008

The cost-of-living allowance given to U.S. troops in virtually all European locations dropped slightly Friday as a result of currency fluctuations.

The adjustment, which will show up in troops’ mid-month pay, decreases COLA by more than $1 per day for most troops who live in housing or off post in mainland Europe. In the United Kingdom, COLA for similar troops will fall more than $2.50 on average.

Troops who live in the barracks will see their COLA drop by about one-half those amounts.

The dollar rallied twice against the euro and made solid gains on the British pound since mid-November when a Europewide COLA rate adjustment put significantly more money in nearly every troop’s paycheck.

Though the dollar is still relatively weak against European currencies, the exchange rate used by the Per Diem Travel and Transportation Allowance Committee to calculate COLA rates recently improved; the euro declined from $1.544 to $1.487, and the British pound declined from $2.087 to $1.979.


Rest of article at: http://www.stripes.com/article.asp?section=104&article=52130