NBC Montana: Bill signed providing veterans annual cost-of-living increase

WASHINGTON — The Senate Veterans’ Affairs Committee, including chairman Montana U.S. Sen. Jon Tester, announced President Joe Biden signed the Veterans’ Compensation Cost-of-Living Adjustment (COLA) Act of 2023 Wednesday.

This allows veterans with service-connected disabilities and military survivors to received increased compensation benefits through the Department of Veterans Affairs.

The increased benefits include disability compensation, clothing allowances and dependency indemnity compensation, which will adjust for increased cost of living for surviving spouses and children.

Senator Jon Tester’s Office released the following information:

After sustained efforts from Senate Veterans’ Affairs Committee Chairman Jon Tester, President Joe Biden signed into law his Veterans’ Compensation Cost-of-Living Adjustment (COLA) Act of 2023. This bipartisan legislation will increase compensation benefits for veterans with service-connected disabilities and military survivors under the Department of Veterans Affairs (VA).

“At a time when folks are struggling with rising costs, from housing to groceries, veterans deserve absolute certainty when it comes to providing for their families,” said Chairman Tester. “That’s why I’m proud to have worked with my Republican and Democratic colleagues to deliver a cost of living increase to millions of disabled veterans and survivors across the country—including 30,000 in Montana. As Chairman, I’ll always fight to make sure the men and women who put their lives on the line get the support they need and earned.”

Tester took to the Senate floor in March to urge swift passage of the must-pass legislation. The Senator’s Veterans’ COLA Act will increase certain VA benefits including disability compensation, clothing allowances, and dependency and indemnity compensation (DIC) for surviving spouses and children to reflect increases in the cost of living. It will directly benefit millions of disabled veterans and military survivors nationwide, including more than 30,000 veterans and survivors in Montana who receive disability compensation and DIC benefits.

The cost of living adjustment will be determined by the annual COLA adjustment to social security benefits, as determined by the Social Security Administration, and will go into effect December 1, 2023. The Social Security Administration bases their annual COLA adjustment on the Consumer Price Index, as determined each December by the Labor Department’s Bureau of Labor Statistics.

Tester’s Veterans’ COLA Act is supported by the nation’s leading veterans and survivor groups, including The American Legion, Veterans of Foreign Wars, Disabled American Veterans, Paralyzed Veterans of America, AMVETS, Vietnam Veterans of America, Gold Star Wives, TAPS, Wounded Warrior Project, Military Officers Association of America, and Iraq and Afghanistan Veterans of America.

Bill signed providing veterans annual cost-of-living increase | KECI (nbcmontana.com)