Business
Social security benefits to rise 2.8%: Retirees to see $56 monthly boost; senior citizens say increase not enough – The Times of India
The Social Security administration on Friday announced that its benefits will increase by 2.8% in 2026, giving retirees an average monthly boost of more than $56. The rise reflects moderating inflation after several years of higher cost-of-living adjustments (COLA).The increase will take effect in January for nearly 71 million Social Security recipients, while about 7.5 million people receiving Supplemental Security Income will see higher payments starting December 31.The announcement, which was scheduled for last week, was delayed due to the US federal government shutdown.Recipients saw a 2.5% increase in 2025 and a 3.2% rise in 2024, following a historic 8.7% jump in 2023 driven by record-high inflation. The COLA is funded by payroll taxes collected from workers and employers, up to an annual salary cap that will rise to $184,500 in 2026 from $176,100 in 2025.Social Security Administration Commissioner Frank Bisignano said in a statement that the annual adjustment “is one way we are working to make sure benefits reflect today’s economic realities and continue to provide a foundation of security.” However, many seniors believe the increase won’t be enough to meet rising living costs, reported AP.Polling from AARP shows that many older Americans share that concern. Only 22% of Americans over 50 believe a COLA of around 3% is enough to keep up with inflation, while 77% disagree. According to the MIT Living Wage Calculator, a single adult living in Florence, South Carolina, spends about $10,184 annually on housing, $3,053 on medical expenses and $3,839 on food.Emerson Sprick, director of retirement and labor policy at the Bipartisan Policy Center, said in a statement that cost-of-living increases “can’t solve all the financial challenges households face or all the shortcomings of the program.”The latest adjustment comes as the Social Security Administration faces internal challenges and uncertainty about the program’s long-term future. In July, Treasury Secretary Scott Bessent said the Republican administration was committed to protecting Social Security, hours after comments suggesting that a new children’s savings program signed by President Donald Trump was “a back door for privatising Social Security,” as quoted by AP.
Business
Home loan EMIs to get cheaper? SBI passes on RBI’s 25 bps repo rate cut benefits; check the new rates – The Times of India
After the Reserve Bank of India (RBI) reduced the repo rate by 25 basis points last week, several major banks have moved to pass on the benefit to borrowers. Latest addition to the wave is the State Bank of India (SBI), which announced cuts across its lending rate benchmarks, in a move aimed at easing borrowing costs and lowering EMIs for both retail and corporate customers.The public sector entity slashed the MCLR, EBLR and RLLR rates and revised the BPLR and base rates, according to ET.Herre are the new rates:
MCLR rates revised across tenors
SBI has cut its Marginal Cost of Funds-based Lending Rate (MCLR) across these tenors:Short-span
- Overnight and one-month MCLR: Reduced from 7.90% to 7.85% each.
- Three-month MCLR: Cut from 8.30% to 8.25%
- Six-month MCLR: Now at 8.60%, down from 8.65%
Long-term
- One-year MCLR: Lowered from 8.75% to 8.70% (widely used for retail loans)
- Two-year MCLR: Reduced from 8.80% to 8.75%, according to ET.
- Three-year MCLR: Now 8.80%, down from 8.85%
Effective 15 December this year, SBI also revised its External Benchmark Lending Rate (EBLR) and Repo Linked Lending Rate (RLLR):EBLR ratesDown from 8.15% + Credit Risk Premium (CRP) + Bank Spread (BSP) to 7.90% + CRP + BSP, reducing the benchmark by 25 basis points. The final interest rate payable will depend on the borrower’s CRP and the bank’s BSP.RLLR ratesFrom 7.75% + CRP, the figure came to 7.50% + CRP, reflecting a 25-basis point cut. Borrowers with EBLR- and RLLR-linked loans will see a decline in interest rates and EMIs based on their loan conditions and risk category, ET reported.BPLR ratesSBI has also revised its Benchmark Prime Lending Rate (BPLR) to 14.65% per annum.Base rate adjustmentsThe bank also cut it base rate to 9.90%, effective from 15 December 2025.
Matt Gravellingin Barking and Dagenham
BBCMore than 100 volunteers have gathered in an east London community hall to wrap thousands of Christmas presents for children across the capital, with organisers saying for some, it would be the only gift they would get this year.
The Kindness Offensive, a charity that redistributes donated goods to schools, food banks and community groups, was behind the gift drive.
David Goodfellow, the event’s organiser, said the project was focused on children from families facing hardship.
“For a lot of the children we are helping today, what they get from this project, what they get from the Kindness Offensive, is going to be the only thing they get for Christmas,” he said.
The gifts were donated by companies before being wrapped and loaded onto a red bus for delivery across the capital.
One volunteer said the event was about more than presents, and more about giving children hope.
Another woman said the event was a way to end the year “on a high”.
Dominic Twomey, leader of Barking and Dagenham Council, said child poverty remained a serious issue in the borough.
“We have four in 10 of our children under the age of 16 living in poverty,” he said, and added the gifts helped ease pressure on parents at a difficult time of year.
The bus delivering the presents made a stop at Becontree Primary School in Dagenham on Wednesday.
Pupils there did not know a surprise was waiting for them, said head teacher Marie Ziane.
“Not one of them who are going to come into the hall know about this,” she said.
“I’m really looking forward to the surprise on their faces.”
Organisers said the aim of the Kindness Offensive was to ensure no child felt forgotten at Christmas, particularly as families continue to struggle with the cost of living.
Volunteers said they hoped the gifts would bring some joy to children who might otherwise go without.
Last Updated:
Petrol, Diesel Price On December 13: Check City-Wise Rates Across India Including In Delhi, Mumbai and Chennai.
Petrol, Diesel Prices On December 13.
Petrol and Diesel Prices on December 13, 2025: OMCs update petrol and diesel prices daily at 6 am, aligning them with fluctuations in global crude oil prices and currency exchange rates. This daily revision promotes transparency and ensures consumers have access to the most up-to-date and accurate fuel prices.
Petrol Diesel Price Today In India
Check city-wise petrol and diesel prices on December 13:
| City | Petrol (₹/L) | Diesel (₹/L) |
|---|---|---|
| New Delhi | 94.72 | 87.62 |
| Mumbai | 104.21 | 92.15 |
| Kolkata | 103.94 | 90.76 |
| Chennai | 100.75 | 92.34 |
| Ahmedabad | 94.49 | 90.17 |
| Bengaluru | 102.92 | 89.02 |
| Hyderabad | 107.46 | 95.70 |
| Jaipur | 104.72 | 90.21 |
| Lucknow | 94.69 | 87.80 |
| Pune | 104.04 | 90.57 |
| Chandigarh | 94.30 | 82.45 |
| Indore | 106.48 | 91.88 |
| Patna | 105.58 | 93.80 |
| Surat | 95.00 | 89.00 |
| Nashik | 95.50 | 89.50 |
Key Factors Behind Petrol and Diesel Rates
Petrol and diesel prices in India have remained unchanged since May 2022, following tax reductions by the central and several state governments.
Oil Marketing Companies (OMCs) update fuel prices daily at 6 am, adjusting for fluctuations in global crude oil markets. While these rates are technically market-linked, they are also influenced by regulatory measures such as excise duties, base pricing frameworks, and informal price caps.
Key Factors Influencing Fuel Prices in India
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Crude Oil Prices: Global crude oil prices are a primary driver of fuel prices, as crude is the main input in petrol and diesel production.
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Exchange Rate: Since India relies heavily on crude oil imports, the value of the Indian rupee against the US dollar significantly affects fuel costs. A weaker rupee typically translates to higher prices.
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Taxes: Central and state-level taxes constitute a major portion of retail fuel prices. Tax rates vary across states, leading to regional price differences.
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Refining Costs: The cost of processing crude oil into usable fuel impacts retail prices. These costs can fluctuate depending on crude quality and refinery efficiency.
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Demand-Supply Dynamics: Market demand also influences fuel pricing. Higher demand can push prices up as supply adjusts to consumption trends.
How to Check Petrol and Diesel Prices via SMS
You can easily check the latest petrol and diesel prices in your city through SMS. For Indian Oil customers, text the city code followed by “RSP” to 9224992249. BPCL customers can send “RSP” to 9223112222, and HPCL customers can text “HP Price” to 9222201122 to receive the current fuel prices.
Click here to add News18 as your preferred news source on Google. December 13, 2025, 07:46 IST
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