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Page 15 · column 4 of 6 · from the scan, no model involved
dex. “Tying benefits to the cost of living will help protect the purchasing power of people getting social security payments,” Mrs. Crumpton said. This provision was recommended by President Nixon in 1969.
BOTH THE social security contributions rate and the contribution and benefit base (the earnings on which contributions are paid) will increase under the new law. The present rate for both employees and employers is 5.2 percent of annual earnings up to $9,000. Under the new law, the rate will increase next year to 5.5 percent and the base will increase to $10,800 for 1973. In 1974, the base will increase to $12,000.
“After 1974,” Mrs. Crumpton said, “the social security contribution and benefit base will be adjusted automatically to keep pace with rising wages whenever benefits are adjusted automatically to take account of increases in the cost of living. Workers whose earnings equal or exceed the prior base will contribute more to social security when the base increases — but they can expect higher social security benefits in the future. Benefit amounts are based on average earnings.” □
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