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This document is scheduled to be published in the Federal Register on 10/05/2023 and available online at https://federalregister.gov/d/202322179, and on https://govinfo.gov141072PLIBRARY OF CONGRESS

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How to fill out cost of living adjustment

01

Identify the current cost of living in your area.

02

Gather data on inflation rates or consumer price index changes since your last adjustment.

03

Determine the percentage increase in the cost of living.

04

Apply this percentage increase to the current salary or benefit amount.

05

Ensure you account for any specific provisions in contracts or agreements regarding adjustments.

06

Communicate the changes to all affected parties.

Who needs cost of living adjustment?

01

Employees whose salaries do not keep pace with inflation.

02

Retirees relying on fixed pensions.

03

Individuals receiving government assistance or social security benefits.

04

Workers in industries heavily affected by cost of living increases, such as housing, transportation, and food.

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What is cost of living adjustment?

A cost of living adjustment (COLA) is a change made to Social Security and Supplemental Security Income to counteract the effects of inflation. It ensures that the purchasing power of beneficiaries remains relatively consistent over time.

Who is required to file cost of living adjustment?

Individuals who receive Social Security and Supplemental Security Income payments are typically eligible for a cost of living adjustment, which is automatically calculated by the Social Security Administration. There is generally no filing required by the recipients themselves.

How to fill out cost of living adjustment?

There is no specific form for individuals to fill out for a cost of living adjustment, as the adjustments are automatically calculated and applied by the Social Security Administration based on inflation rates.

What is the purpose of cost of living adjustment?

The purpose of a cost of living adjustment is to maintain the purchasing power of social security benefits in the face of inflation, ensuring that beneficiaries can afford basic living expenses.

What information must be reported on cost of living adjustment?

There is no personal information required to be reported by beneficiaries for cost of living adjustments, as these adjustments are determined based on national inflation statistics and are automatically incorporated into benefit payments.

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