WASHINGTON, D.C. – Senators Thom Tillis (R-NC), Jerry Moran (R-KS), and Jon Tester (D-MT) recently introduced the bipartisan Veterans’ Compensation Cost-of-Living Adjustment (COLA) Act to increase the rates of compensation for veterans with service-connected disabilities and military survivors under the Department of Veterans Affairs (VA).

“The brave men and women who served our nation shouldn’t have to suffer because of increased cost-of-living and inflation,”said Senator Tillis. “This commonsense legislation ensures that certain financial benefits from the VA, including disability compensation, are boosted to reflect the true cost of living so no veteran has to worry about making ends meet.”

Background:

The bill would increase certain VA benefits including disability compensation, clothing allowances, and dependency and indemnity compensation for surviving spouses and children to reflect increases in the cost of living. The cost-of-living adjustment will be determined by the annual COLA adjustment to social security benefits, as determined by the Social Security Administration, and would go into effect December 1, 2024. The Social Security Administration bases its annual COLA on the Consumer Price Index, as determined each October by the Labor Department’s Bureau of Labor Statistics.

Full text of the bill can be found HERE.

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