1997 Cost-of-Living Increase and Other Determinations

The Commissioner has determined-- (1) A 2.9 percent cost-of-living increase in Social Security benefits under title II of the Social Security Act (the Act), effective for December 1996; (2) An increase in the Federal Supplemental Security Income (SSI) monthly benefit amounts under title XVI of the Act for 1997 to $484 for an eligible individual, $726 for an eligible individual with an eligible spouse, and $242 for an essential person; (3) The national average wage index for 1995 to be $24,705.66; (4) The Old-Age, Survivors, and Disability Insurance (OASDI) contribution and benefit base to be $65,400 for remuneration paid in 1997 and self-employment income earned in taxable years beginning in 1997; (5) For beneficiaries under age 65, the monthly exempt amount under the Social Security retirement earnings test for taxable years ending in calendar year 1997 to be $720; (6) The dollar amounts (``bend points'') use in the benefit formula for workers who become eligible for benefits in 1997 and in the formula for computing maximum family benefits; (7) The amount of earnings a person must have to be credited with a quarter of coverage in 1997 to be $670; (8) The ``old-law'' contribution and benefit base to be $48,600 for 1997; (9) The monthly amount of substantial gainful activity applicable to statutorily blind individuals in 1997 to be $1,000; (10) The domestic worker coverage threshold to be $1,000 for 1997; and (1) The OASDI fund ration to be 139.9 percent for 1996.