COLA BILL FOR VETERANS COMPENSATION
PASSES BOTH CHAMBERS OF CONGRESS
Washington, D.C. ? U.S. Senator Daniel K. Akaka (D-HI), praised final Congressional passage of the veterans' compensation cost-of-living adjustment, and urged the President to sign this legislation into law quickly.
?As the Ranking Member of the Senate Committee on Veterans' Affairs, and a veteran myself, I am tremendously pleased with final passage of legislation that will authorize a cost-of-living adjustment for veterans' compensation,? said Senator Akaka.
The Veterans' Compensation Cost-of-Living Adjustment Act of 2006, S. 2562, directs the Secretary of Veterans Affairs to increase, as of December 1, 2006, the rates of veterans' disability compensation, dependency and indemnity compensation for surviving spouses and children, and certain related benefits. This legislation passed the Senate on September 21, 2006, and the House of Representatives on early Saturday morning.
The COLA will be the same as the increase provided to Social Security recipients, which is projected to be approximately 2.9 percent.
Senator Akaka stated, ?It is critical that veterans' disability compensation rates keep pace with the increasing cost of living. Without an increase to offset the effects of inflation, veterans and their families would lose the value of this important benefit. Many times, VA disability compensation is a major, and in some cases the sole, source of income for a veteran and his or her family.?
?Passage of this important legislation by both Chambers of Congress is certainly good news for veterans,? Senator Akaka noted.