The Pennsylvania government and school retirees are pushing for a Cost-of-Living Adjustment (COLA) for their pensions, claiming that it is long overdue. The call for a COLA comes as retirees have seen their purchasing power eroded over the years due to inflation. Many retirees rely on their pensions as their primary source of income, and the lack of a COLA has made it increasingly difficult for them to make ends meet.
Retirees argue that they have gone without a COLA for nearly 20 years, while the cost of living continues to rise. Inflation has significantly outpaced the increases in their pensions, leading to a decline in their standard of living. They assert that a COLA is essential to ensure that retirees can afford basic necessities such as food, housing, and healthcare.
The Pennsylvania government is facing pressure to address the issue, with lawmakers and advocacy groups calling for action to provide relief to retirees. A recent study found that Pennsylvania’s pension system is significantly underfunded, further complicating efforts to provide a COLA. However, advocates argue that failing to address the issue will only exacerbate the financial distress faced by retirees.
In response to the growing demand for a COLA, the Pennsylvania government has stated that it is committed to addressing the issue. Governor Tom Wolf has expressed support for providing a COLA to retirees, but has acknowledged the challenges posed by the state’s fiscal situation. Despite these challenges, retirees and advocates are hopeful that their call for a COLA will be heard and acted upon by the government.
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