How Does Cola Increase
Affect Snap Benefits?
The new cost-of-living adjustment (COLA), which is set to take effect in the fiscal year 2023, will result in an increase in Supplemental Nutrition Assistance Program (SNAP) benefits.
Low-income families in the US will receive a financial boost as part of the government's effort to help those in need following the rise in inflation.
According to The Ascent, SNAP benefits are set to increase by 12.5 percent after the United States Department of Agriculture (USDA) released the new COLA on August 9.
What Is The New Cola Rate?
According to the USDA press release, at the start of each federal fiscal year, they update SNAP maximum allotments, deductions, and income qualifying conditions.
"On October 1, the fiscal year begins." The adjustments are driven by changes in the cost of living. The cost of living is the sum of money required to maintain a basic quality of living.
The Thrifty Food Plan (TFP) determines how much money a family of four would need to spend on a market basket.
TFP is a US Department of Agriculture estimate of how much it costs to deliver healthy, low-cost meals to a household. Every June, maximum allotments are calculated based on this cost."
According to GOBankingRates, the monthly SNAP payout for individual recipients will increase from $250 to $281.
Impact Of Ss Cola On Food Stamps?
However, couples will get 516 dollars rather than 459 dollars, and four-person households will receive 939 dollars instead of 835 dollars.
People who already get SNAP benefits do not need to do anything because their checks will be issued automatically beginning October 1.