2024 Cost Of Living Increase Rate Increase. Social security benefits have been increased. According to actuarial firm eckler in their annual compensation survey, the average base salary increase in 2023 was 4.4 per cent, more than the 4.2 annual inflation rate reported.

The expected cola for 2023 is 8.7%, meaning if you were going to give an employee an annual salary increase of $10,000, you would adjust that. Use our inflation calculator to see how increases in the cost of living have affected you in the past year.