Starting January 2015, recipients of Social Security programs will get an average increase of $22 per month in addition to what they have been receiving monthly, the Wall Street Journal reported.
Meanwhile, the amount of Americans’ salaries that will be automatically attributed to covering Social Security taxes is also increasing.
At present, Social Security is paid for by a 12.4% payroll tax on the first $117,000 of a worker’s salary – half of that amount is paid for by the employee while half is paid for by the employer. In 2015, the wage cap will hike to $118,000, the Social Security Administration recently confirmed.
In the country, around 59 million people, comprised of disabled workers, retirees, and spouses and children, receive Social Security benefits.
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