NEW YORK, Oct. 10 (Xinhua) -- Social Security recipients will see a 2.5 percent increase in their monthly checks next year, the federal government announced on Thursday, a smaller hike than in recent years, which was expected given the cooling of inflation.
The 2.5 percent increase will apply to all Social Security checks for retirees and people with disabilities beginning at the start of 2025.
"Soaring prices in recent years brought unusually large cost-of-living increases in benefit checks, since Social Security payouts are automatically adjusted once a year based on a government measure of inflation," said The Washington Post in its report about the move.
The annual adjustment, known as COLA, brought seniors a 5.9 percent boost in 2022, an 8.7 percent increase in 2023 (the largest in about 40 years) and a 3.2 percent increase in 2024.
In the United States, Social Security is the commonly used term for the federal Old-Age, Survivors, and Disability Insurance program and is administered by the Social Security Administration.
