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Another pay increase of 4.5% was given to military members as part of the 2025 National Defense Authorization Act. Earlier this year, a pay raise of 5.2% on average was given to federal employees ...
The pay raise comes along with the Pentagon's higher tax-free housing allowance. Basic Allowance for Housing rates will increase an average of 5.4% when the new rates take effect on Jan. 1, 2025.
Hourly minimum wages increased in 21 states in 2025, mostly due to ongoing efforts to have pay keep up with the rising cost of living. (Igor Golovniov/SOPA Images/LightRocket/Getty Images)
Image source: Getty Images. Next year's raise may be considerably lower than 2024's. In 2024, Social Security recipients saw their benefits rise 3.2%. Next year's COLA is shaping up to be much ...
The Fiscal Responsibility Act of 2023, passed in June 2023, resolved that year's debt-ceiling crisis and set spending caps for FY2024 and FY2025. The act called for $895 billion in defense spending and $711 billion in non-defense discretionary spending for fiscal year 2025, representing a 1% increase over fiscal year 2024. [10]
Image source: Getty Images. 1. Recipients will get a raise. Every year, Social Security adjusts retirement benefits for inflation by instituting a cost-of-living adjustment, or COLA.The 2025 ...
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The Social Security Administration set its 2025 cost-of-living adjustment at 2.5%, the smallest annual COLA hike since 2021. Although inflation has eased from its pandemic-era heights, some ...