We measure the increase (if any) in the average CPI-W. That we use the average CPI-W for the third quarter of 2021 as the base from which The last year in which a COLA became effective was 2021. If there is no increase, or if the rounded increase is zero, there is no COLA for the year. If there is an increase, it must be rounded to the nearest tenth of one percent. (if any) in the CPI-W from the average for the third quarter of the current year to the average for the third quarter of the last year in which a COLA became effective. CPI-Ws are calculated on a monthly basis by the Bureau of LaborĪ COLA effective for December of the current year is equal to the percentage increase According to the formula, COLAsĪre based on increases in the Consumer Price Index for Urban Wage Earners and Clerical ![]() ![]() Holiday, the SSI payments for January are always made at the end of the previousĪct specifies a formula for determining each COLA. Will also increase by 8.7 percent effective for payments made for January 2023.īecause the normal SSI payment date is the first of the month and January 1 is a Social Security benefits will increase by 8.7 percent beginning with the DecemberĢ022 benefits, which are payable in January 2023. The latest COLA is 8.7 percent for Social Security benefits and SSI payments. ![]() WithĬOLAs, Social Security and Supplemental Security Income (SSI) benefits keep pace with Legislation enacted in 1973 provides for cost-of-living adjustments, or COLAs.
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