; and (B) by inserting after clause (ii) the following new clause: (iii) For an individual who is eligible for an old-age or disability insurance benefit (or who dies before becoming eligible for such a benefit) in any calendar year after 2023, the amount determined for the individual under clause (ii) of this subparagraph for purposes of subparagraph (A)(i)(I) shall be increased by 22 percent. . (2) Conforming amendment Clause (iv) of section 215(a)(1)(B) of the Social Security Act ( 42 U.S.C. 415(a)(1)(B) ), as redesignated by paragraph (1), is amended by inserting (after the application of clause (iii), when applicable) after clause (ii) . (c) Effective date (1) In general The amendments made by this section shall take effect on January 1, 2024, and shall apply with respect to monthly insurance benefits payable under title II of the Social Security Act ( 42 U.S.C. 401 et seq. ) for months in calendar years beginning on or after such date. (2) Recomputation of primary insurance amounts (A) In general Notwithstanding section 215(f) of the Social Security Act ( 42 U.S.C. 415(f) ), the Commissioner of Social Security shall recompute primary insurance amounts to the extent necessary to carry out the amendments to this section. (B) Rule of application In recomputing the primary insurance amount of an individual who initially became eligible for old-age or disability insurance benefits before January 1, 2024, the Commissioner of Social Security shall apply the increase described in clause (iii) of section 215(a)(1)(B) of the Social Security Act (as added by subsection (b)(1)(B)) to the amount determined under clause (ii) of such section 215(a)(1)(B) for the calendar year in which the individual initially became eligible for such benefits. 3. Computation of cost-of-living increases (a) In general Section 215(i)(1) of the Social Security Act ( 42 U.S.C. 415(i)(1) ) is amended by adding at the end the following new subparagraph: (H) the term Consumer Price Index means the Consumer Price Index for Elderly Consumers