1. California Social Security recipients’ incomes will increase by 3.2% next year
The Social Security Administration (Social Security) announced on Thursday (October 12) that the monthly benefits of California’s 6.2 million Social Security benefit recipients will increase by 3.2% in 2024, which is smaller than the 8.7% increase in 2023 because Inflation has fallen from its highest point in four decades. The average increase in Social Security benefits over the past 20 years has been 2.6 percent. The cost-of-living adjustment, or COLA, is intended to offset rising prices but would also increase spending on Social Security programs that already face severe funding challenges. Max Richtman, president and CEO of the National Committee to Protect Social Security and Medicare, believes the change isn’t enough. Because the increase is calculated based on price changes in July, August and September compared with the same period the previous year. “The formula does not capture the impact of inflation on Social Security beneficiaries,” he said. Most beneficiaries will see increased spending on health care and housing. The increase could also result in higher taxes for many beneficiaries, resulting in lower income.
2. Labor tensions: Kaiser Permanente lays off dozens of non-union workers
Kaiser Permanente will lay off nearly 50 non-union workers in California next month, including 28 in the Bay Area, while Kaiser engages in labor negotiations with union employees, according to state filings. The health care giant will lay off 21 administrative employees in Pleasanton and seven in Oakland on Nov. 10, according to California employment officials.
Kaiser said in a statement that the layoffs are concentrated in “a small number of IT positions such as the legal compliance team, systems administration and employee services teams.” The company said the jobs were being “transferred” to “external partners.” “The department’s structure has changed to expand support, improve service quality and increase investment in technology,” Kaiser said.
3. California’s new law caps rental deposits at 1 month’s rent
Millions of California renters will no longer be required to pay a deposit of more than one month’s rent. AB 12, which was just signed into law on Wednesday (October 11), will stop some landlords from charging double or even triple the monthly rent for deposits. Rep. Matt Haney, D-San Francisco, who sponsored the bill, said “large deposits would create insurmountable barriers to housing affordability and accessibility for millions of Californians.” “Data shows more than half of all renters (53%) said they were able to pay the rent but were unable to rent an apartment because they could not come up with two months’ rent as a deposit.” Small property owners who only own two properties and have no more than four units in total are not eligible. Will be subject to AB12.
Landlords can still seek damages from tenants who cause damage to the property that exceeds the amount of the deposit, according to Haney. With the new law, California joins 11 other states in capping security deposits at one month’s rent. AB12 will take effect on July 1, 2024.
2023-10-13 19:43:12
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