WASHINGTON, Nov. 12 – A cost-of-living adjustment that would boost benefits for veterans with service-connected disabilities and for their survivors won final congressional approval today.
The House vote completed congressional action on the Senate-passed Veterans’ Compensation Cost-of-Living Adjustment Act of 2013.
The measure by Sen. Bernie Sanders, chairman of the Senate Committee on Veterans’ Affairs, would increase compensation benefits by 1.5 percent on Dec. 1 for almost 4 million veterans and survivors.
“Providing adequate financial compensation to our veterans and their families is our responsibility as a nation. We owe them an enormous debt of gratitude for their service and sacrifices,” said Sanders.
“I am also proud to say that this bill does not authorize a COLA round-down. The negative impacts of this practice were just one of the issues that were brought to my attention by the veterans service organizations. To some this is mere pennies, but I know these small amounts of money add up over time and make a significant contribution to the financial stability of millions of veterans and their survivors.”
The legislation ties annual cost-of-living increases for veterans to the same Bureau of Labor Statistics consumer price index that is used to annually adjust Social Security benefits.
To read the bill, click here.