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Glite Dictionary
cost-of-living benefit

cost-of-living benefit

3.7
A payment that automatically increases when prices rise to help people afford things
  • noun
  • /kɔst əv ˈlɪvɪŋ ˈbɛnɪfɪt/
  • Specialized
translation icon : prestación por costo de vida
  • The government will provide a cost-of-living benefit adjustment to help families cope with rising expenses.

Examples

  • Mitt Romney in his "60 Minutes" interview: lower the cost-of-living benefit growth for higher-income people.

    Blog text (16)

  • Many retirees receive a cost-of-living benefit to ensure their pensions keep pace with inflation.

  • As prices continue to rise, workers are demanding a cost-of-living benefit to maintain their purchasing power.

Synonyms

cost-of-living allowance
vscost-of-living benefit
  • Specialized
1 4.1

Extra pay for employees to help with higher living costs

is a payment that rises automatically when prices increase to preserve buying power

Surface Forms

cost-of-living benefit singular
cost-of-living benefits plural

Morphology

cost-of-living + benefit

The meaning is directly derivable from the constituents: a 'benefit' (a payment) that relates to the 'cost of living' (the expenses of living), so a payment to help cover rising living costs. This compositional modifier+noun pattern is common and parallels constructions in many languages, so a B1 learner who knows the words should understand it.

Etymology

Cost-of-living benefit comes from the simple image of a payment that rises when the cost of living (everyday prices) goes up, like a small boost attached to your income. So, it means a benefit that increases to help keep your 'buying power' when prices rise.