Monthly payments to people with disabilities receiving Supplemental Security Income and other Social Security benefits will increase next year by the highest amount since 1981.

The Social Security Administration said Thursday that benefits will grow by 8.7% in 2023.

The bump, which has been expected, is due to an automatic cost-of-living adjustment, known as COLA. The annual adjustment is based on the Consumer Price Index from the U.S. Department of Labor’s Bureau of Labor Statistics and is intended to account for inflation.

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It’s the steepest year-over-year rise in more than four decades and is significantly greater than this year’s COLA of 5.9%.

With the automatic increase, the maximum federal SSI benefit for individuals will jump to $914 per month in 2023, up from $841 this year, the Social Security Administration said. For couples, the maximum will be $1,371 next year, up from $1,261.

SSI beneficiaries may see more than the maximum federal payment since some states contribute extra.

Over 7 million SSI beneficiaries will receive the new, higher payments starting Dec. 30. The adjustment will take effect for the nation’s more than 65 million Social Security beneficiaries beginning in January.

Notices detailing payment amounts for the coming year typically go out in the mail starting in early December, the Social Security Administration said. Most individuals will also be able to view the information in their online Social Security account at that time.

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