The benefit under this part for an eligible individual (including the eligible individual receiving benefits payable under the Sec. 416.212 provisions) who does not have an eligible spouse, who is not subject to either benefit suspension under Sec. 416.1325 or benefit reduction under Sec. 416.414, and who is not a qualified individual (as defined in Sec. 416.221) shall be payable at the rate of $5,640 per year ($470 per month) effective for the period beginning January 1, 1996. This rate is the result of a 2.6 percent cost-of-living adjustment (see Sec. 416.405) to the December 1995 rate. For the period January 1, through December 31, 1995, the rate payable, as increased by the 2.8 percent cost-of-living adjustment, was $5,496 per year ($458 per month). For the period January 1, through December 31, 1994, the rate payable, as increased by the 2.6 percent cost-of-living adjustment, was $5,352 per year ($446 per month). The monthly rate is reduced by the amount of the individual's income which is not excluded pursuant to subpart K of this part. [61 FR 10278, Mar. 13, 1996]