President Joe Biden inked the Veterans Compensation Cost-of-Living Adjustment (COLA) Act of 2023 became law on June 14, 2023, in an effort to provide much-needed financial assistance to veterans.
This guarantees that veterans’ payments will get a cost-of-living adjustment in 2024, in line with the COLA utilized for Social Security benefits.
The COLA hike aims to maintain veterans’ financial support in line with increased living costs.
Which VA Benefits Will See Increases?
The impending COLA rise will have an impact on a variety of VA benefits, which include but are not limited to:
- Veterans who get disability compensation will see an increase in their payouts, providing financial comfort to those who have fought and suffered for their nation.
- Clothing Allowance: Veterans who are qualified for clothing allowance are going to benefit from the COLA increase, which will assist in covering the price of clothing required due to a service-related disability.
- Dependency and Indemnity Compensation (DIC): spouses and kids of deceased soldiers who get DIC will see a rise in their benefits, assisting them in dealing with financial difficulties.
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When Will Veterans’ New Benefit Amounts Be Available?
On average, the Social Security Administration releases the yearly COLA on October 1 of the next fiscal year.
The Department of Veterans Affairs (VA) alters its salary payment rates in response to this news. Veterans should expect their new benefit amounts to begin with their January 2024 payment.
This is great news after veterans and Social Security recipients received the most significant COLA increase in decades the prior year, with an 8.7% increase due to high inflation rates.