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Retiree COLAs for 2024 Announced
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Retiree COLAs for 2024 Announced
Starting in January, the cost-of-living adjustment for CSRS retirees will be 3.2 percent while those under FERS will see their monthly annuities increase by 2.2 percent. The COLA is based on increases in the Consumer Price Index for Urban Wage Earners and Clerical Workers and is designed to help retirees with rising costs of goods and services. The retiree COLA is unrelated to the pay raise for current federal employees, which will be finalized later in the year. President Biden has set an average 5.2 percent raise for federal employees in 2024, barring any changes from Congress. |
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