I can't think of a friend or relative that couldn't use more money right now. Sure, gas prices have come down a few cents here and there but money is still very tight for many New Yorkers and we need every dollar we can get.

Good news is coming to a certain group of New York State residents. A pay increase of more than 3% will help many individuals starting in 2024. Are you one of them?

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Have you heard of the term COLA? Not the beverage but rather the acronym for cost-of-living-adjustment. NPR reports that due to inflation and to adjust for the cost-of-living that comes along with that Social Security beneficiaries are scheduled to benefit from a 3.2% increase in 2024.

I am certain anyone would welcome a pay increase of any kind but compared to last years COLA of 8.7%, this will have to fall under the category of being happy with any increase. To be fair, the 8.7% bump was the biggest in more than a decade.

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Getty Images

CBS News indicates that this COLA will equal approximately one tank of gas per month or around $50 a month. The Social Security Administration states that this increase will benefit more than 70 million Americans, 7 million right here in New York State.

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