WASHINGTON – Each year, the Social Security Administration (SSA) determines the cost-of-living adjustment (COLA) by analyzing the Consumer Price Index in order to reflect the fluctuations in goods and services across the country. The SSA last announced a 3.2% adjustment in October of 2023 and will reveal the next COLA in October of 2024.
Introduced by Senate Veterans’ Affairs Committee Chairman Jon Tester (D-MT) and Ranking Member Jerry Moran (R-KS), and cosponsored by U.S. Senator Kevin Cramer (R-ND), the Veterans’ Compensation Cost-of-Living Adjustment Act of 2024 directs the U.S. Department of Veterans Affairs (VA) to provide a COLA. Congressman Morgan Luttrell (R-TX-08) introduced a similar measure in the U.S. House of Representatives.
Effective December 1, 2024, the legislation would specifically increase the rates of compensation for veterans with service-connected disabilities and the rates of dependency and indemnity compensation for the survivors of certain disabled veterans, and for other purposes.
“Our veterans are not immune to cost-of-living surges across the country, and their compensation should reflect this reality,” said Cramer. “Congress has a responsibility to ensure our servicemembers have access to the resources they need to thrive, and this legislation provides enhanced assistance when they return home.”
“We need to make sure the men and women who served this country have benefits that meet their needs each year,” said Chairman Tester. “That means boosting their hard-earned benefits to keep pace with higher costs of living. I’m proud to work with Senator Moran on this bipartisan legislation that will ensure our veterans continue to get the benefits they earned in service to this country.”
“We have a responsibility to provide care and support for our nation’s veterans and their families,” said Ranking Member Moran. “Many of these veterans rely on the VA for financial support, especially with ongoing rising costs and inflation. Making certain veterans benefits stay on pace with rising prices will help provide disabled veterans, certain surviving spouses and their children with peace of mind and continued support.”
Additional cosponsors of the Veterans’ Compensation Cost-of-Living Adjustment Act of 2024 include U.S. Senators Richard Blumenthal (D-CT), Mazie Hirono (D-HI), Kyrsten Sinema (I-AZ), Angus King (I-ME), Patty Murray (D-WA), Bernie Sanders (I-VT), Sherrod Brown (D-OH), Bill Cassidy (R-LA), John Boozman (R-AR), Thom Tillis (R-NC), and Mike Rounds (R-SD).
Click here for bill text.