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Leaving behind a forgotten 401(k) account has the potential to cost an employee almost $700,000 in foregone retirement savings over a lifetime.

While the inflation-fueled increase is much-needed for retirees, some experts say it is still inadequate in light of skyrocketing housing and health care costs.

Adzuna says its research since 2017 reveals that 54% of jobseekers turned down a job offer when they learned what the pay would be.

"Now, the Treasury Department is finalizing that fix so that the law works the way Congress intended and the cost of coverage comes down for families all over the country," President Joe Biden says in statement.

If finalized, gig companies such as Uber and Lyft will need to clarify when workers should be classified as independent contractors who are in business for themselves or employees who are entitled to benefits.

To date, the federal program, which provides funding to severely underfunded multiemployer pension plans, has approved over $7.7 billion to plans that cover over 154,000 workers, retirees, and beneficiaries.