Cost-of-Living Boost for Veterans

Cost-of-Living Boost for Veterans

On Thursday, May 28th House passed legislation that will again see a boost in cost-of-living next year. Last year cost-of-living was boosted by 1.6 percent, which was almost half of the boost from the previous year. The COLA (Cost-of-Living-Adjustment) bill was approved Thursday morning with no objections. The bill wouldn’t go into effect until December but this means the House is well ahead schedule compared to last year when the bill was passed in October.

There have been efforts in the past to make the cost-of-living boost automatic but was proven unsuccessful. The bill has to be passed by congress every year but veterans are not guaranteed a boost in their benefits unlike Social Security.

The COLA bill gives Veterans benefits including disability pay, payment for dependents, money for clothing, and dependency and indemnity compensation checks.

Leaders of the House are onboard of the bill and what it promises American veterans. The COLA bill may take more time than normal to be passed through all the right hoops partially due to the impact of COVID-19.

This is a step in the right direction for helping veterans that desperately in need of financial help and security. Rep. Elaine Luria, D-Va., who is the sponsor of the COLA bill, believes that there shouldn’t be any problems with this bill going through to final phase and being set into action in December. For more information on the COLA bill please click here.

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