The Veterans Compensation Cost-of-Living Adjustment Act Ensures Veterans’ Benefits Stay Up
By taking this measure, it is ensured that the support payments for veterans will keep up with increases in Social Security and other federal benefits. Congress conducts this standard annual procedure every year, but it needs to be finished before the year is up to make sure that veterans’ benefits keep pace with price increases.
Despite ongoing party disagreements over government spending on Capitol Hill, the Veterans Compensation Cost-of-Living Adjustment Act was approved by both chambers without any opposition.
By 2024, the bill ensures that cost-of-living adjustments for VA benefits, such as clothing allowances, survivors’ support, and disability compensation, will be equal to those for Social Security payments. Social Security benefits must automatically grow every year under federal law. The hikes for veterans must, however, be approved by Congress once more.
Increase In Social Security And Veterans Benefits Due To Higher Prices
The Social Security cost of living adjustment (together with the rise in veterans benefits) was 8.7% in January, the highest level in forty years. That was a reflection of prices that were higher than anticipated for things like housing, food, and fuel over the previous year.
According to the Older Citizens League, a nonpartisan advocacy group that fights for older citizens’ rights in America, the rise will only be about 3.1% in 2024.
Legislators asserted that they made an effort to finish the veteran’s cost-of-living guarantee sooner than normal this year in order to demonstrate financial security for veterans.
The proposal’s proponent in the Senate, a Democratic senator from Montana named Jon Tester, said: “Our veterans put their lives on the line to defend our freedoms, and they deserve certainty when it comes to providing for their families.”
Republican from Illinois and head of the House Veterans Affairs Committee is Mike Bost. – said that veterans “should not have to worry whether their earned benefits can cover their basic needs” ahead of the House vote on Monday. They shouldn’t have to choose between getting their family groceries and gas to get to work.
The White House has always backed the law and hasn’t voiced any concerns about this year’s version. Officials made no comment on the expected signing date for the law.