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Veterans set to see cost-of-living increase to their benefits

Tony
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Tony

Tony

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On June 14, 2023, President Joe Biden signed into law the Veterans Compensation Cost-of-Living Adjustment (COLA) Act of 2023, which directs the Department of Veterans Affairs to provide a cost-of-living adjustment for Veterans benefits in 2024 equal to the COLA applied to Social Security benefits, as determined by the Social Security Administration (SSA).

The legislation, passed with bi-partisan support in the House and Senate, is an annual procedure for Congress but an important one, as it must be accomplished to ensure Veterans receive a COLA, and that it keeps pace with inflationary costs.

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