2017 Brings Modest Social Security Disability Increase
There is good news and bad news for recipients of Social Security Disability and Supplemental Security Income (SSI) benefits. The good news is that monthly benefit amounts will increase for 2017. The bad news is that the increase will only be .3 percent for cost of living adjustments (COLA). Since 1975, Social Security’s general benefit increases have been based on increases in the cost of living, as measured by the Consumer Price Index. According to the Social Security Administration, the Social Security Act specifies a formula for determining each COLA. According to the formula, COLAs are based on increases in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). CPI-Ws are calculated on a monthly basis by the Bureau of Labor Statistics.
A COLA effective for December of the current year is equal to the percentage increase (if any) in the average CPI-W for the third quarter of the current year over the average for the third quarter of the last year in which a COLA became effective. If there is an increase, it must be rounded to the nearest tenth of one percent. If there is no increase, or if the rounded increase is zero, there is no COLA.
If you have questions about your eligibility for social security disability benefits or questions about how social security retirement benefits can affect your workers’ compensation case you should speak to an experienced Pennsylvania workers compensation attorney.