Bill > HR1688

This bill, the Social Security Cost of Living Increase Act of 2023, aims to provide an emergency cost-of-living increase for Social Security beneficiaries. It amends the Social Security Act to use the Consumer Price Index for Elderly Consumers (CPI-E) instead of the general Consumer Price Index (CPI) to calculate cost-of-living adjustments (COLAs) for Social Security benefits. The bill also requires the Bureau of Labor Statistics to publish the CPI-E index starting from the date of the bill's enactment. The amendments made by this bill would apply to cost-of-living computation quarters ending on or after September 30, 2024, ensuring that Social Security beneficiaries receive COLAs based on the CPI-E, which is designed to better reflect the spending patterns of the elderly population.

Budget and Finance, Labor and Employment

https://www.congress.gov/bill/118th-congress/house-bill/1688/all-info