[NewJazz]

You and your employer should consider future expected inflation at the time of negotiation. You don't need a true up in that case to "break even!.

[mrtksn]

IRL most of the time there's no negotiation, you find out your updated salary when the money hits the bank.

[NewJazz]

At initial employment there is salary negotiation. Each COLA then automatically inherits whatever assumptions were baked into the starting number.

[mitthrowaway2]

And hopefully the other candidates applying for the position have similar inflation expectations to your own!