![]() ![]() Service members can calculate their OHA by using the OHA Rate Calculator. Payments for OHA depend on dependency status, permanent duty station, grade, and rent payments for privately leased quarters. Military finance offices use the pay system exchange rate to convert the required amount of local currency (based on the OHA permitted) to U.S. The calculator computes the daily COLA rate as well as their semi-monthly payment and is updated with the current COLA amounts each pay period. Service members can calculate their COLA payment by using the OCONUS COLA Rate Calculator. OCONUS COLAįor OCONUS COLA, only the portion of the index for which local purchases are made is adjusted. Because adjustments are made only once per pay period based on past data, the pay system exchange rate will generally not be the same as the exchange rate at the bank window. The changes in allowances are posted one day prior to the effective date. Adjustments are made exactly the same way whether the dollar is increasing or decreasing in value. ![]() Currency adjustments may result in an increase, decrease or no change to the OCONUS COLA index and OHA. When a currency adjustment is made, Service members see the changes in their next paycheck. ![]() This method ensures that, over time, neither the Service member nor the government is disadvantaged by fluctuating exchange rates. Exchange rates are reviewed twice a month to adjust the pay system exchange rate. This indicator is measured in terms of national currency per US dollar. The model compares the current pay system exchange rate, used by military finance centers, to the currency exchange rate. Exchange rates are defined as the price of one countrys currency in relation to another countrys currency. Currency Converter All Bank of Canada exchange rates are indicative rates only, obtained from averages of aggregated price quotes from financial institutions. Currency Adjustmentsĭaily exchange rates are monitored and analyzed using a Currency Adjustment model. When exchange rates change, overseas allowance payments are adjusted to ensure that the Service member has the same purchasing power as before. dollars, but many expenses for Service members OCONUS are in local currency. Military finance centers pay all allowances in U.S. Currency fluctuations can affect both the OCONUS Cost of Living Allowance (COLA) and Overseas Housing Allowance (OHA) payments. ![]()
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