Veteran Benefits Could Increase to Match Social Security Payments
Veterans in the United States may see an increase in certain benefits by the end of this year.
The Senate recently approved the Veterans’ Compensation Cost-of-Living Adjustment Act of 2024, which now awaits President Joe Biden’s signature to become law. The bill, passed by unanimous consent after two readings, moves veterans closer to receiving increased benefits starting in December.
If enacted, the legislation will impact millions of veterans, boosting payments in areas like wartime disability compensation, additional funds for dependents, the clothing allowance for certain disabled veterans, and dependency and indemnity compensation for qualifying spouses and children.
Related Article: The Latest Social Security COLA Estimate: Will It Be Enough to Keep Pace With Inflation?
The increase, expected to match the Social Security benefits’ cost-of-living adjustment (COLA), will take effect on December 1, 2024. The exact percentage increase, as determined by the Social Security Administration (SSA), will be announced on October 10.
“As Americans grapple with higher costs for essentials like housing and food, veterans deserve stability for their families,” commented Jon Tester, Chairman of the Senate Veterans Affairs Committee.
Committee ranking member Jerry Moran added, “Our responsibility is to support veterans and their loved ones. Ensuring benefits keep pace with inflation provides much-needed reassurance. I appreciate my colleagues’ support for this bill and look forward to the President’s approval.”
Source: Newsweek
