2024 Cost Of Living Increase Rate Chart. In 2023, the social security cola was 8.7%. The inflation rate increased due to higher prices of food, electricity, crude petroleum and natural gas, food.

What is the social security 2024 cola increase? With the expected adjustment for cost of living for 2024 at 8.7%, if you give an employee an annual salary increase of $10,000, you will need to adjust that amount to $10,870 to.