2023 VA Compensation Boost
Congress recently finalized plans to guarantee Veterans the same cost of living increase as Social Security payouts. With inflation all over the country, Congress plans to boost benefits, including monthly VA compensation. The 2023 COLA will be the most significant margin increase in four decades.
What is COLA, and how does it affect my VA compensation?
The Social Security Administration generates the cost of living adjustment. It started in 1973 to keep pace with inflation over the years. COLA is calculated based on the increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers. These are calculated monthly by the Bureau of Labor Statistics.
When will VA rates be affected by the increase in inflation?
The COLA for 2022 is 5.9%, and officials predict an increase to 8.7%. This increase would be the highest the COLA has been since 1981. The official increase amount will be announced in October 2022 and will go into effect in January 2023. As a Veteran receiving compensation from VA, there is nothing you need to do. The change will take place automatically.
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“Cost-Of-Living Adjustment Summary” SSA, September 27, 2022. https://www.ssa.gov/oact/COLA/colasummary.html
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