§ 62-5. Annual adjustments.

A. 

The living wage shall be adjusted annually as necessary to reflect annual changes in the federal poverty threshold.

B. 

The amount of the wage payment in lieu of health benefits payable under § 62-4C shall be adjusted annually in proportion to the change in average health benefits costs, if any, as measured by the Consumer Price Index for All Urban Consumers for the Northeast Urban-Size Class B/C for Medical Care over the preceding year, or other appropriate measure of health care cost inflation.

C. 

No less than 30 days prior to the commencement of the fiscal year, the City Finance Department shall calculate the necessary adjustments to the living wage and the amount of the wage payment in lieu of health benefits and shall provide a written explanation and notice to each covered employer of the newly adjusted amounts.

D. 

After such adjustment, the living wage and any wage payment in lieu of health benefits shall become effective and shall be paid to any eligible employee within 60 days after receipt of notice by the covered employer.