Veterans will receive a cost of living boost next year.
The Veterans’ Compensation Cost-of-Living Adjustment (COLA) Act of 2023, S. 777, which was passed unanimously in the House on May 23 after approval by the Senate was signed into law by President Biden yesterday.
Congress increased the VA amounts payable for wartime disability compensation, additional compensation for dependents, the clothing allowance for certain disabled veterans, and dependency and indemnity compensation for surviving spouses and children.
Specifically, the VA will increase the amounts by the same percentage as the next cost-of-living increase in benefits for Social Security recipients that becomes effective on December 1, 2023.
“I want to let these Veterans and their families know about this increase for next year, which builds on the larger cost of living increase that went into effect for this year,” said Congresswoman Uifa’atali who serves as Vice Chairman of the House Veterans’ Affairs Committee.
“It’s important to keep our national commitment to our Veterans, and continue factoring inflation into future benefits and needed cost of living improvements.”
This follows the 2023 COLA increase of 8.7 percent, through a 2022 bill passed by Congress, which was the largest increase in many years based on inflation-caused needs.
