North Charlotte Today

WASHINGTON, D.C. – Senators Thom Tillis (R-NC), Jerry Moran (R-KS), and Jon Tester (D-MT) have introduced the bipartisan Veterans’ Compensation Cost-of-Living Adjustment (COLA) Act to address the financial benefits for veterans and military survivors under the Department of Veterans Affairs (VA).

Senator Tillis emphasized the importance of the bill, stating, "The brave men and women who served our nation shouldn’t have to suffer because of increased cost-of-living and inflation." He further added, "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."

The proposed bill aims to increase various VA benefits such as disability compensation, clothing allowances, and dependency and indemnity compensation for surviving spouses and children to better align with the rising cost of living. The adjustment will be determined based on the annual COLA adjustment to social security benefits, following the guidelines set by the Social Security Administration. If passed, the increase would go into effect on December 1, 2024, providing much-needed support to veterans and their families.

The annual COLA adjustment, which serves as the basis for the proposed increase, is determined by the Consumer Price Index calculated by the Labor Department’s Bureau of Labor Statistics each October. This mechanism ensures that the adjustments are in line with the changing economic landscape, benefiting those who have served the nation.

For those interested, the full text of the bill can be accessed online.

With the introduction of the Veterans’ Compensation Cost-of-Living Adjustment Act, Senators Tillis, Moran, and Tester are advocating for a vital change that would positively impact the lives of veterans and their families across the country.