Bill signed into law that increases compensation benefits for veterans.
U.S. Senate Committee on Veterans’ Affairs said Moran is a ranking member and chairman of the Senate Committee on Veterans’ Affairs. The Veterans’ Compensation Cost-of-Living Adjustment (COLA) Act of 2023 bipartisan legislation will increase compensation benefits for veterans with service-connected disabilities and military survivors under the Department of Veterans Affairs (VA).
Senator Moran shared a comment about the legislation.
“We have a responsibility to provide care and support for our nation’s veterans and their families,” said Senator Moran. “Many of these veterans rely on the VA for financial support, especially with current rising costs and inflation. Ensuring their benefits keep pace with these price increases will help provide disabled veterans and certain surviving spouses and children with peace of mind. I am pleased the President has signed this legislation into law to provide veterans with the stability they deserve.”
Senator Tester shared a comment echoing Moran’s sentiments.
“At a time when folks are struggling with rising costs, from housing to groceries, veterans deserve absolute certainty when it comes to providing for their families,” said Sen. Tester. “That’s why I’m proud to have worked with Senator Moran and our colleagues to deliver a cost of living increase to millions of disabled veterans and survivors across the country—including 30,000 in my home state of Montana. As Chairman, I’ll always fight to make sure the men and women who put their lives on the line get the support they need and earned.”
U.S. Senate Committee on Veterans’ Affairs said the senators’ Veterans’ COLA Act would increase certain VA benefits including disability compensation, clothing allowances, and dependency and indemnity compensation (DIC) for surviving spouses and children to reflect increases in the cost of living. It will directly benefit millions of disabled veterans and military survivors nationwide.
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 will go into effect Dec. 1, 2023. 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.
The Veterans’ COLA Act is supported by the nation’s leading veterans and survivor groups, including The American Legion, Veterans of Foreign Wars, Disabled American Veterans, Paralyzed Veterans of America, AMVETS, Vietnam Veterans of America, Gold Star Wives, TAPS, Wounded Warrior Project, Military Officers Association of America and Iraq and Afghanistan Veterans of America.
By Kayla McOmber