(Washington, D.C.) – Today, U.S. Senator Patty Murray, Chairman of the Senate Veterans’ Affairs Committee, announced that a bill that she sponsored to provide a Cost-of-Living Adjustment (COLA) for America’s veterans has passed the U.S. Senate. The COLA for veterans will match the 3.6 percent annual increase provided to Social Security recipients, which on Wednesday was announced will happen this year for the first time since 2009. The Veterans COLA would affect several important benefits, including veterans’ disability compensation and dependency and indemnity compensation for surviving spouses and children. It is projected that over 3.9 million veterans and survivors will receive compensation benefits in Fiscal Year 2012.
“A cost-of-living increase for our veterans is long overdue and well deserved,” said Senator Murray. “Particularly in this difficult economy, our veterans deserve a boost in their benefits to help make ends meet. This is an important step for our veterans, especially on the heels of news that a COLA will be provided for the first time since 2009.”
The COLA is designed to offset inflation and other factors that lead to the rising cost of living over time. The COLA rate is based on the Bureau of Labor Statistics Consumer Price Index.