covered outside learning area

Or:

Cost Of Living Adjustment (As in "you ain't gettin' one.")

COLA is the acronym for Cost Of Living Adjustment.

There was no cost of living adjustment (COLA) in 2010 or 2011; benefits will continue being paid at the same rate as in 2009.

to counter the effects of inflation

Not at all. Many if not most wage earners get no cost of living adjustment. Those who do get significantly less than 100% of the cost of living - keep this in mind the next time you hear that wage increases cause inflation!