Office of the Commissioner; 1998 Cost-of-Living Increase and Other Determinations

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The Commissioner has determined-- (1) A 2.1 percent cost-of-living increase in Social Security benefits under title II of the Social Security Act (the Act), effective for December 1997; (2) An increase in the Federal Supplemental Security Income (SSI) monthly benefit amounts under title XVI of the Act for 1998 to $494 for an eligible individual, $741 for an eligible individual with an eligible spouse, and $247 for an essential person; (3) The national average wage index for 1996 to be $25,913.90; (4) The Old-Age, Survivors, and Disability Insurance (OASDI) contribution and benefit base to be $68,400 for remuneration paid in 1998 and self-employment income earned in taxable years beginning in 1998; (5) For beneficiaries under age 65, the monthly exempt amount under the Social Security retirement earnings test for taxable years ending in calendar year 1998 to be $760; (6) The dollar amounts (``bend points'') used in the benefit formula for workers who become eligible for benefits in 1998 and in the formula for computing maximum family benefits; (7) The amount of earnings a person must have to be credited with a quarter of coverage in 1998 to be $700; (8) The ``old-law'' contribution