Bookkeeping & Write-up
In the Social Security system , when did the Cost of Living Allowances ( COLA's ) start ?
COLA's were first paid in 1975 as a result of a 1972 law. Prior to that, benefits were increased irregularly by special acts of Congress. Monthly Social Security and Supplemental Security Income (SSI) benefits for more than 60 million Americans will increase 3.6 percent in 2012. The 3.6 percent cost-of-living adjustment (COLA) will begin with benefits that nearly 55 million Social Security beneficiaries receive in January 2012. Increased payments to more than 8 million SSI beneficiaries will begin on December 30, 2011.
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