Price-of-living changes (COLAs) are will increase in Social Safety and Supplemental Safety Revenue (SSI) funds to maintain tempo with inflation. The COLA for 2025 shall be decided in October 2024, primarily based on the Client Value Index for City Wage Earners and Clerical Staff (CPI-W). The CPI-W measures the common change in costs paid by city wage earners and clerical staff for a basket of products and companies.
The 2025 COLA is predicted to be round 5.9%, which might be the biggest improve since 1981. This improve is because of the current surge in inflation, which has been pushed by numerous elements, together with the COVID-19 pandemic, the battle in Ukraine, and provide chain disruptions. The COLA will assist to make sure that Social Safety and SSI beneficiaries can sustain with the rising value of residing.