In this article, you will learn about the $200 increase approved with $2,400 monthly checks, whether it is official, and the payment dates. There have been rumors about an increase in monthly paychecks for senior citizens, stating that benefits will rise by $200. Is this true? Read on to find out the facts about this potential increase.
$200 Increase Approved With $2,400 Monthly Checks?
At the end of the previous year, the Consumer Price Index found that around 50% of seniors are struggling to meet their essential needs even with benefit paychecks. The economy has faced severe strain globally, affecting citizens with low or no income.
To address this situation under higher inflation, the US Government proposed increased payment checks, primarily for senior citizens. Read further to learn more about the potential increase in monthly checks.
Is It Official?
According to statistics, around 475 million citizens have been receiving benefits since the economic downturn. The margin of benefits has been increasing over the years. A bill proposing the increment was issued in the council during the final quarter of last year.
The bill proposed an increase in monthly paychecks for eligible applicants by $200. Previously, the deposit amount was $2,400 until last month.
Due to the increase in the Coal Benefit, there are changes in tax credits. Authorities have announced that tax rates will change over the next few years. Consumer pricing has jumped to 7.2% compared to the last two months. However, the bill is yet to be approved.
If approved by the council, the increment will be implemented in the upcoming month. Applicants will receive an additional $200 in their monthly benefits, making the total deposit $2,800. This increase will be applied to checks received by SSI, SSDI, and VA benefit recipients.
Payment Dates For $2,400 Monthly Checks
At the start of the month, citizens receive many benefits under central or state administration laws. It can be confusing for seniors to track deposits for each benefit. To simplify this, central authorities have implemented the birthday policy.
Benefit payment dates depend on the applicants’ birth dates. If the applicant’s birthday falls within the first ten days of the month, the amount will be issued in the second week. If the birthdate is between the 11th and 20th, the amount will be deposited in the third week. For birthdays in the last ten days of the month, the benefit can be claimed in the fourth week. Payments are deposited on Wednesdays.
Payment Dates for the Next Four Months:
| Month | Birthdays 1-10 | Birthdays 11-20 | Birthdays 21-31 |
|---|---|---|---|
| January | 10th | 17th | 24th |
| February | 14th | 21st | 28th |
| March | 12th | 19th | 26th |
| April | 9th | 16th | 23rd |
If there are any national or bank holidays on the specified dates, benefits will be issued on the next working date.
Eligibility For The $2,400 Monthly Checks
The bill was issued primarily for pensioners and citizens retiring in the coming year. However, with higher inflation, consumer prices have increased, affecting many low-income families. Eligibility for the $2,400 monthly checks has been extended to include these families and individuals. The $200 increase will be added to the individuals’ deposits based on their tax credits.
Fact Checks About $2,400 Monthly Checks
The increment in deposits applies only to benefits provided by the Central Government. These changes do not affect additional benefits provided by state authorities.
These changes will be reflected in monthly paychecks and will not impact the annual stimulus provided by the Government. Applicants can contact authorities to track their monthly paychecks if they receive the updated amounts. As the deposit dates approach, candidates are advised to keep their “My Account” updated to track their paychecks.