As Inflation Rises, Unions Push for Return of Cost-of-Living Adjustments in Contracts

COLA (cost-of-living adjustments) were once common in many union contracts, but have become less prevalent over the past few decades as union power declined and inflation eased.
The United Auto Workers is demanding COLA be reinstated in new contracts with automakers as inflation erodes workers' spending power.
Non-union workers rarely get COLA, as annual raises at non-union companies already account for inflation.
If the UAW succeeds in getting COLA, it could prompt other unions to fight for the same protections against inflation.
Whether COLA makes a broad comeback depends on future inflation levels and union strength.

usatoday.com

Relevant topic timeline:

9/13/2023

Social Security Benefits to Rise Modestly in 2024 as Inflation Persists

Social Security recipients are expected to receive a 3.2% cost of living adjustment (COLA) in 2024, but a senior advocacy group warns that it will still fall short of meeting retirees' needs as the costs of goods and services continue to rise faster than benefits.

10/4/2023

2024 Social Security COLA Projected Around 3-3.5%, Providing Some Inflation Relief for Seniors

The Social Security Administration is set to announce the cost-of-living adjustment (COLA) for 2024 on October 12th, with estimates suggesting it will be in the range of 3% to 3.5%, significantly smaller than the 8.7% increase seen in 2023, while potential increases in Medicare Part B premiums could further diminish the impact of the COLA.

10/5/2023

Social Security Benefits to Rise 3.2% in 2024 Based on Latest Inflation Data

Social Security beneficiaries will receive a 3.2% cost-of-living adjustment (COLA) increase in their checks starting in January 2024 due to inflation, with the exact amount to be announced on October 12, 2023.

10/8/2023

Social Security Benefits See Largest COLA Increase in 40 Years, But Rising Medicare Costs Cut Into Gains

The Social Security Administration will announce the 2024 cost-of-living adjustment (COLA) on October 12, 2023, with expectations of a 3.2% increase in benefits, but rising Medicare premiums and the CPI-W's failure to accurately reflect seniors' inflation rate may limit the impact of the COLA.

10/16/2023

Biden Campaigned on Social Security COLA Change, But Hasn't Pursued It as President

Joe Biden has proposed changing the way Social Security cost-of-living adjustments (COLAs) are calculated by replacing the current inflation metric with one that focuses on the spending patterns of the elderly, which would have resulted in a 4% increase in the 2024 COLA instead of the 3.2% increase.

10/18/2023

Social Security COLA Lower in 2024 at 3.2%, Increasing Average Payment by $59

The Social Security Administration has announced that the cost-of-living adjustment (COLA) for 2024 will be 3.2%, significantly lower than the record-setting increase of 8.7% in 2023.

Topics

Posted 9/25/2023, 9:23:35 AM