Question

If you are hired by an organization, you would be least hurt by inflation if Group of answer choices Your employer has a cost-of-living adjustment clause in the employment contract You increase savings in your bank account in anticipation of expected rise in inflation The government increases social security retirement payments in anticipation of expected inflation If your employer provides fixed annual increases in salaries and benefits in the employment contract

Answer 1

If we are hired by an organization, we would be least hurt by inflation if "the government increases social security retirement payments in anticipation of expected inflation".

What is social security retirement payments?

Benefits from Social Security offer qualified retired adults and those with disabilities, as well as their spouses, children, and survivors, a portion of a replacement income.

To be eligible for benefits, a person must contribute to the Social Security system during their working years and accumulate 40 credits.

The role of social security in protecting against inflation are-

• Because Social Security benefits are adjusted to the Consumer Price Index for Urban Wage Earners and Clerical Workers, it is often assumed that recipients are protected from inflation (CPI-W)
• A cost-of-living adjustment (COLA) is a yearly increase to your benefit that Social Security calculates based on inflation, if any, in addition to any calculations based on your earnings.
• Social Security replaces a percentage of your pre-retirement income based on their lifetime earnings.

To know more about the Consumer Price Index, here

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