Buddy Limited, the creators of Buddy HR & Payroll software, on Monday announced the launch of a new Cost of Living Adjustment (COLA) Impact Report and Salary Calculator. The new reports are available for use via the Buddy website and allow users to easily understand the impact of COLA on their current earnings, or overall salary expenses for 2023.

The impact of COLA at €9.90 a week is expected to cause inflationary pressure to increase prices even further for businesses who have not yet taken this into account. Salaries are expected on average to increase employer costs by around 2.4 per cent, with some businesses potentially having an impact upwards of five per cent.

Salary Calculator Details:

• Live tax calculations on the screen
• Can automatically add COLA on 2022 salary
• Highlights increase in year-on-year net salary when applying COLA.

Details of the COLA Impact Report:

• Intended businesses and their advisors
• Outlines Salary costs for 2023
• Productive Hourly cost for 2023
• Cost of Vacation, Public Holidays and Sick Leave through 2023
• Customised per business through excel-upload of all salaries and overtime

“We are excited to provide this tool to Maltese Businesses and Accountants, to help them better understand their costs for 2023.” said Jonathan Mifsud, CTO and co-founder of Buddy. “We understand that wages are a pivotal factor in calculating the costs of products on the market, hence we do hope that through the use of these tailored reports, businesses are able to mitigate without overpricing.

“We hope that Accountants are able to use this report as a conversation starter with many local SMEs, to ensure the longer-term sustainability of such small businesses.”