Veterans News

The law, The Veterans Compensation Cost of Living Adjustment (COLA) Act of 2023 was signed by President Joe Biden on June 14, 2023, which in turn directs the Department of Veteran Affairs to provide the cost of living adjustment for veteran benefits in 2024 equivalent to social security benefits as said by Social Security Administration (SSA).

The passage of this legislation received bipartisan support in both the House and Senate. While it is an annual procedure for Congress, it holds significant importance as it ensures that Veterans receive a COLA that aligns with the rising inflationary costs.

The benefits which COLA will provide include disability compensation, clothing allowance, dependency, and indemnity compensation (DIC) for spouses and Children. There is no exact amount of next year’s adjustment as it is based on the Consumer Price Index.

Compared to the adjustment which veterans are currently receiving, there was an 8.7% increase following high inflation.

The next adjustment is due in the next fiscal year commencing on Oct 1. Afterward, the Department of Veteran Affairs will set its compensation payment rates to match which in turn will reveal the new amounts to the veterans with their January 2024 payment.