SS, SSI recipients will get COLA increase in 2024
Thousands of Social Security and Supplemental Security Income recipients in the Marianas can look forward to a 3.2% increase in their Cost of Living Allowance in 2024, according to Delegate Gregorio Kilili C. Sablan (D-MP).
As of April 2023, there are 4,661 individuals in the Marianas who are recipients of SS and SSI, according to Sablan in his e-kilili newsletter over the weekend.
For SS beneficiaries, the higher payments will start in January 2024, while for SSI the increase begins with the Dec. 29, 2023, payment.
The delegate said this is also good news for the Marianas because this federal benefit contributes more than $46 million to the CNMI economy each year.
“Still, we could do better,” said Sablan, adding that he is a co-sponsor of H.R. 4583 or the Social Security 2100 Act that would base the annual COLA on the consumer price index for the elderly (CPI-E) to reflect the costs of prescription drugs and other expenses the man’amko (senior citizens) face.
H.R. 4583 also seeks to protect SS system and improve benefits for current and future generations.
Sablan said the Social Security 2100 Act would also increase the base benefit for the first time in more than 50 years and repeal the Windfall Elimination Provision that lowers benefits for many who receive a pension from the Northern Marianas Retirement Fund.
Delegate Gregorio Kilili C. Sablan
