Home » Business » Supplemental Security Income Updates: $687 Social Security Automatic Payments Sent as 2022 Verification Schedule Revealed

Supplemental Security Income Updates: $687 Social Security Automatic Payments Sent as 2022 Verification Schedule Revealed

How the government determines the cost of living adjustment (COLA)

The COLA comes from a key measure of consumer inflation from the US Department of Labor’s Bureau of Labor Statistics, the Consumer Price Index, which tracks the price of certain goods and services purchased by households.

Inflation soared 7% in 2021, the biggest year-over-year rise in nearly four decades.

The COLA increase of 5.9% was first announced in the fall, reflecting the largest increase in SSI benefits in nearly 40 years.

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