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- Hello, and welcome to this weeks Peters Perspectives. This week, were going examine this somewhat arcane topic of cost of living adjustments, or COLA, in service contracts. So why do we have COLA? We have COLA because we need to adjust our multi-year contracts for wage inflation. Now COLA is much like democracy, and I believe it was Winston Churchill who opined that democracy didnt work very well, but it was better than any of the other alternatives, and such is the state of COLA. Its okay, but we would love for something better, but there really hasnt been anything better. Now we have different kinds of COLA. We have COLA in India, we have COLA in the US, we have subsets. And many contracts take some or all of these, but all of them are currently challenged today, and heres the reason. In our post-COVID environment, we have such an extreme imbalance between demand and supply. Demand is so far outstripping supply that wage inflation for key skillsets is far outstripping any of