The Social Security Administration has announced new inflation-adjusted maximum penalties for civil monetary violations, effective from January 15, 2021, to January 14, 2022. The adjustments are required by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015. For example, the penalty for fraud facilitators in a position of trust has increased to $8,212, and the penalty for a violative broadcast has increased to $54,157. These updates ensure penalties align with inflation and are applied fairly each year.
Simple Explanation
The Social Security Administration is making sure the penalties for breaking rules keep up with inflation, so they have increased some fines, like a penalty for fraud, which went up to $8,212, and for a bad broadcast, which went up to $54,157, so that they stay fair and up-to-date.