WASHINGTON, D.C. – Recently, the Veterans’ Compensation Cost-of-Living Adjustment Act of 2022, legislation introduced by U.S Senator Thom Tillis (R-NC) to provide a cost-of-living adjustment (COLA) for veterans’ disability compensation and dependency and indemnity compensation beneficiaries, was signed into law.
“Like millions of Americans, veterans who served our country are facing rising costs from inflation and their well-earned benefits are not keeping up,” said Senator Tillis. “I am proud to have co-introduced this critical legislation to ensure their benefits keep up with the cost of living.”
The bill would increase certain VA benefits including disability and dependent compensation, clothing allowances, and dependency and indemnity compensation for surviving spouses and children to reflect increases in the cost of living. The cost of living adjustment will be determined by the annual COLA adjustment to social security benefits, as determined by the Social Security Administration, and would go into effect Dec. 1, 2022. The Social Security Administration bases their annual COLA adjustment on the Consumer Price Index, as determined each December by the Labor Department's Bureau of Labor Statistics.