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Report
Millions of Americans to see increase in Social Security benefits
The Street
Follow
1/6/2025
Three million public workers will see an increase in their social security benefits.
Category
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Sports
Transcript
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00:00
I'm Conway Gittins reporting from the New York Stock Exchange, here's what we're watching
00:03
on the street today.
00:04
There's a positive vibe as Wall Street kicks off a new trading week.
00:08
Tech stocks are leading the way after strong results from contract manufacturer Foxconn.
00:13
Investors are also feeling hopeful about tariffs.
00:16
A report in the Washington Post suggests President-elect Trump may use a more targeted approach that
00:22
would put less pressure on sales.
00:26
In other news, three million Americans will see a boost to their social security benefits
00:31
thanks to bipartisan action by Congress and the outgoing Biden administration.
00:37
Under the Social Security Fairness Act, which President Biden signed into law at the start
00:42
of the week, public service workers such as teachers, firefighters and police officers
00:47
will no longer see their social security benefits capped because they have a public sector pension.
00:53
President Biden describes this as a big deal for middle-class households, quote, by signing
00:59
this bill, we're extending social security benefits for millions of teachers, nurses
01:03
and other public employees and their spouses and survivors.
01:08
That means an estimated average of $360 per month increase.
01:13
This new law undoes two previous 40-year-old rules.
01:18
Under the old rules known as the Windfall Elimination Provision and the Government Pension
01:23
Offset, social security benefits were reduced for public sector workers exempt from paying
01:28
social security payroll taxes.
01:31
In addition, payments to spouses, widows and widowers were reduced if they drew from government
01:37
pensions as well.
01:39
The law is retroactive to cover all of 2024 and comes with a lump-sum payment to cash
01:44
out.
01:45
That'll do it for your daily briefing.
01:47
From the New York Stock Exchange, I'm Conway Gittens with The Street.
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