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.
It is also important to note that this increase would help not just low but also moderate income households. More than half of the workers who would see a raise live in households with an income of less than $50,000 and more than a quarter live in households with an income of more than $50,000 but less than $75,000.