Veterans' Compensation Cost-of-Living Adjustment Act of 2022
Oct 10, 2022
Statute: 136 Stat. 2207
Became law: Oct 10, 2022
Oct 10, 2022
Statute: 136 Stat. 2207
Became law: Oct 10, 2022
Summary
Raises the payment amounts for veterans with disabilities and their survivors to keep up with the rising cost of living, based on Social Security changes.
What problem does this solve?
When prices for goods and services go up, the money veterans receive for their disabilities can't buy as much as it used to. This law makes sure their payments increase each year at the same rate as Social Security benefits, so they don't lose buying power.
What does this law do?
Increases veteran compensation rates
Requires the Secretary of Veterans Affairs to increase the dollar amounts for disability compensation and dependency and indemnity compensation, effective December 1, 2022.
Ties increase to Social Security adjustment
Specifies that the percentage increase must be the same as the cost-of-living adjustment for Social Security benefits for that year.
Specifies which benefits are increased
Lists the specific benefits to be increased, including wartime disability compensation, additional pay for dependents, clothing allowances, and survivor benefits.
Who does this affect?
- Veterans with service-connected disabilities
- Surviving spouses and children of deceased veterans
What is the real world impact?
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Ensures veteran benefits keep pace with inflation
Provides an automatic increase to veteran disability and survivor payments, tied to the Social Security cost-of-living adjustment. This prevents the value of their benefits from decreasing over time due to rising prices.
When does this start?
This law outlines multiple dates for when its provisions take effect.
Effective date for compensation increase
The increased payment rates for veterans and survivors become effective on December 1, 2022.