The opening balance from the prior month combined with the net of all transactions during the period should result in the closing balance for the current statement.
A cost-of-living raise is an increase in pay that's intended to keep the buying power of an employee's salary the same during a period of inflation.he biggest group affected by cost-of-living raises is Social Security recipients. Some employees have contracts that include automatic cost-of-living raises. Others work for companies that voluntarily increase pay to keep pace with inflation.
Social Security cost-of-living increase for 2017: A measly $5. The 0.3% hike is the smallest in recent history. U.S. retirees hoping to live comfortably off their Social Security benefits might have to wait a while longer â the average increase in checks for 2017 is a whopping $5. The Social Security Administration said Tuesday that retirees will see their benefits increase by 0.3% in the coming year. For the average American retiree, that equals $5. Known as a cost-of-living adjustment, or COLA, the increase is tied to inflation.