What Is Cost Of Living Increase 2024. Each year, the irs, social security administration, and other federal agencies adjust policies to account for inflation. The last time the cola reached 2.7 percent or above four times in a row was from 1988 to 1993.
On july 23, 2024, finance minister nirmala sitharaman will present the union budget 2024 in the parliament. A cost of living adjustment (cola) is a change in monthly social security benefits that accounts for inflation.