Office of the Commissioner; 1996 Cost-of-Living Increase and Other Determinations

The Commissioner has determined-- (1) A 2.6 percent cost-of-living increase in Social Security benefits under title II, effective for December 1995; (2) An increase in the Federal Supplemental Security Income (SSI) monthly benefit amounts under title XVI for 1996 to $470 for an eligible individual, $705 for an eligible individual with an eligible spouse, and $235 for an essential person; (3) The national average wage index for 1994 to be $23,753.53; (4) The Old-Age, Survivors, and Disability Insurance (OASDI) contribution and benefit base to be $62,700 for remuneration paid in 1996 and self-employment income earned in taxable years beginning in 1996; (5) The monthly exempt amounts under the Social Security retirement earnings test for taxable years ending in calendar year 1996 to be $960 for beneficiaries age 65 through 69 and $690 for beneficiaries under age 65; (6) The dollar amounts (``bend points'') used in the benefit formula for workers who become eligible for benefits in 1996 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 1996 to be $640; (8) The ``old-law'' contribution and benefit base to be $46,500 for 1996; (9) The OASDI fund ratio to be 128.3 percent for 1995; and (10) The domestic worker coverage threshold to be $1,000 for 1996.