This month, the Veterans’ Disability Compensation Automatic Cost of Living Adjustment (COLA) Act was reintroduced by Senators Brian Schatz and John Thune. This reintroduction requires the federal government to provide disabled veterans with an automatic COLA in years when there is an increase in disability insurance benefits payable under title II of the Social Security Act.
“Every year Congress has to pass legislation to make sure disabled veterans receive a COLA. Enacting this bill would…allow Congress and Veterans Service Organizations to focus their efforts on other needed reforms to deliver for our veterans.” said Senator John Thune on the Veterans’ Disability Compensation Automatic COLA Act.
According to Big Island Now, the veterans’ COLA does not happen automatically but is instead enacted each year. Additionally, the bill is budget-neutral which will provide disabled veterans added certainty from year to year.
To learn more about the Veterans’ Disability Compensation Automatic COLA Act and how it affects you, click here.
Relevant pages: Veterans Disability