The increase applies only to annuity benefits for retirees, not to the salaries of current federal employees. Retiree COLAs are set automatically by an inflation index whose annual count concluded with the announcement Tuesday of figures through September.

In contrast, current employees receive pay raises set through the annual government budget process. No decision has been reached regarding a January 2021 raise.

President Trump has recommended a 1 percent pay raise, while Congress so far has taken no position. If no figure is enacted into law by the end of the year, that amount will take effect automatically. Some members of Congress continue to advocate for increasing the figure to 3 percent to match the planned raise for military personnel.

For retirees, some COLA policies vary depending on which of the two main federal retirement systems applies to them.

All of those retired under the Civil Service Retirement System, applying

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  • Retirees will see their Social Security benefits increase by 1.3% in 2021 due to an annual cost-of-living increase by the Social Security Administration, announced October 13. 
  • The average retiree received a benefit of $1,514 in June 2020, meaning that the average retiree can expect to see an increase of about $20 per month.
  • Next year’s 1.3% adjustment is lower than that of the past several years — adjustments were 2.8% and 1.6% for 2019 and 2020, respectively. 
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The Social Security Administration announced this week that retirees’ benefits are set to increase slightly for 2021.  The SSA announced a 1.3% annual cost-of-living adjustment for next year’s Social Security benefit. The adjustment is expected to give a small income boost to more than 72 million Social Security and Supplemental Security Income beneficiaries next year. 

The administration evaluates the cost of living based

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  • UK unemployment jumped to its highest rate in over three years, rising to 4.5% in the three months to August.
  • Nearly 3 million people claimed jobless benefits in September, according to data released by the Office for National Statistics.
  • The jobs data was worse than the 4.3% rise economists had expected.
  • The situation could deteriorate after the British government announced a new system of local lockdowns, introducing a three-tiered system of rules as infections surge across the country and a furlough program is set to expire later this month.
  • Visit Business Insider’s homepage for more stories.

UK unemployment rose to a three-year high of 4.5% in the three months to August, from 4.1% in July, according to data released by the Office of National Statistics on Tuesday. 

The number of people claiming jobless benefits rose to 2.7 million in September – an increase of

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Negotiating a pay raise is no easy feat, with the impact of today’s pandemic making it even more stressful for employees to ask for more at work. 

But, a recent survey from staffing agency Robert Half shows that 86% of senior managers are just as likely or more likely to negotiate salary with new hires today than they were a year ago. 

Paul McDonald, senior executive director at Robert Half, says though he is surprised by this number he realizes that many company leaders are concerned about losing top talent amid Covid-19. In fact, 88% of the more than 2,800 U.S. senior managers that Robert Half surveyed between July and August 2020 said they are worried about their company’s ability to retain and attract valued staff, with 47% saying they’re very worried. 

“Companies struggle to find the talent they need to support new business priorities sparked by the pandemic,” he

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JERUSALEM — Five years after Israel signed a landmark agreement to develop large offshore gas fields over the objections of antitrust authorities, environmentalists and consumer advocates, ordinary Israelis have yet to see the windfall promised by the government.

The deal has chiseled away at the monopoly held by Houston-based Noble Energy and Israel’s Delek Group, which discovered and developed the fields, bringing prices down. The country is on track to phase out coal and derive nearly all its electricity from cleaner-burning gas and solar power by 2025, and is exporting gas to neighboring Egypt and Jordan.

But the financial benefits have yet to trickle down to Israeli consumers, who continue to pay stubbornly high electricity costs even as oil and gas prices have plunged in recent years.

As the scramble for natural gas creates new alliances and rivalries across the eastern Mediterranean, Israel’s experience shows that while big gas discoveries

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A New York Times analysis of tax records showed that more than 200 companies, special-interest groups and foreign governments have funneled millions of dollars to President TrumpDonald John TrumpNorth Korea unveils large intercontinental ballistic missile at military parade Trump no longer considered a risk to transmit COVID-19, doctor says New ad from Trump campaign features Fauci MORE’s properties while reaping benefits from the president and his administration. 

Nearly a nearly a quarter of the entities have not been previously reported.

Sixty patrons who promoted specific interests to the Trump administration spent almost $12 million on expenses associated with the Trump Organization during the first two years of Trump’s presidency. The Times reported nearly all of these customers saw their interests move forward. 

In interviews with almost 250 business executives, club members, lobbyists, Trump property employees and current administration officials, sources detailed to the Times how Trump conducted business

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The political potency of a potential tax on retirement income to motivate elderly voters in the debate over a graduated-rate state income tax was on full display Thursday as a leading senior advocacy group warned that could be next if the amendment is not approved.

Only a day after AARP Illinois joined with other senior advocacy groups in decrying amendment opponents for contending the proposal could lead to a tax on retirement income if it is ratified, the group sent out a mailer saying “state lawmakers may be forced to consider adding a tax to retirement income”or cuts that will especially hurt seniors if it is voted down.

“Voting yes on the graduated income tax could help the state raise around $3 billion a year to deal with the budget crisis and ensure funding of essential services,” the AARP mailer said. “It also protects older taxpayers by ensuring they aren’t

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Today’s column addresses questions about whether the Covid-19 pandemic’s affect on the economy will reduce future Social Security benefits, taking spousal benefits before retirement benefits at 70, how spousal benefits are calculated and filing options after two marriages. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning, Inc, which markets Maximize My Social Security and MaxiFi Planner.

See more Ask Larry answers here.

Have Social Security questions of your own you’d like answered? Ask Larry about Social Security here.


Will Covid-19’s Economic Slowdown Reduce Future Social Security Benefits?

Hi Larry, I’m reading articles like this that claim the economic downturn caused by the Covid-19 pandemic will depress future Social Security benefits for some. How likely is this to happen? Can anything be done about it? It seems unfair that people who had nothing to do with

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  • Democrats passed a $2.2 trillion stimulus plan that contained another round of direct payments, federal unemployment benefits, and small business aid.
  • But Republicans are likely to reject the package in the Senate.
  • The Trump administration put forward a $1.6 trillion plan in negotiations with Democrats, but they rebuffed it as insufficient.
  • Bipartisan talks between House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin are set to continue.
  • Visit Business Insider’s homepage for more stories.

House Democrats passed a $2.2 trillion stimulus plan to send aid to individuals, businesses, and states on Wednesday, advancing a bill that has no shot at becoming law due to staunch Republican opposition.

The legislation passed by a party-line vote of 214-207. The margin was slim with 18 centrist Democrats voting against it since they objected to the lack of GOP votes. It’s been five months since the House approved a $3.4 trillion virus aid plan

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(RTTNews) – Reflecting a decrease in unemployment insurance benefits, the Commerce Department released a report on Thursday showing a steep drop in U.S. personal income in the month of August.

The report said personal income tumbled by 2.7 percent in August after rising by an upwardly revised 0.5 percent in July.

Economists had expected personal income to slump by 2.5 percent compared to the 0.4 percent increase originally reported for the previous month.

Disposable personal income, or personal income less personal current taxes, also plunged by 3.2 percent in August after inching up by 0.3 percent in July.

The Commerce Department said the sharp pullback in personal income partly reflected the expiration of the Federal Pandemic Unemployment Compensation program, which provided a temporary weekly supplemental payment of $600 for those receiving unemployment benefits.

The decrease in unemployment insurance benefits was partly offset by an increase in compensation, with temporary and

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