Veterans' COLA Act of 2023
Jun 14, 2023
Statute: 137 Stat. 50
Became law: Jun 14, 2023
Jun 14, 2023
Statute: 137 Stat. 50
Became law: Jun 14, 2023
Summary
Raises payment rates for veterans with service-connected disabilities and their survivors to match the annual cost-of-living increase in Social Security.
What problem does this solve?
As prices rise with inflation, the fixed payments for disabled veterans and their families buy less. This law increases their benefits by the same percentage as Social Security to help them keep up with costs.
What does this law do?
Benefit increase for veterans and survivors
Increases the payment rates for veterans with service-connected disabilities and the benefits for survivors of certain disabled veterans.
Increase tied to Social Security
Links the percentage increase directly to the cost-of-living adjustment (COLA) for Social Security benefits, ensuring veterans receive the same inflation protection.
Specifies affected benefits
Details the specific benefits to be increased, including wartime disability pay, extra pay for dependents, clothing allowances, and survivor benefits for spouses and children.
Who does this affect?
- Veterans with service-connected disabilities
- Surviving spouses and children of certain disabled veterans
What is the real world impact?
•
Maintains the value of veteran benefits
Ensures that the money paid to disabled veterans and their families for their service and sacrifice keeps up with rising prices for everyday goods and services. This prevents their fixed income from losing its buying power over time.
When does this start?
The increased benefit rates become effective on December 1, 2023.