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Annual cost of living increases for veterans benefits finalized by Congress
Tennessee

Annual cost of living increases for veterans benefits finalized by Congress

Veterans will get a cost-of-living increase next year after Congress passed an annual law this week to ensure the increase keeps pace with Social Security rates.

Before leaving town for an extended voting recess, the Senate approved the bill by voice vote on Wednesday, sending the measure to President Joe Biden’s desk for his expected signature. The House of Representatives had already approved the bill by voice vote last week.

“At a time when people are struggling with rising costs, from housing to food, veterans deserve complete security when it comes to providing for their families,” said Jon Tester, D-Mont., chairman of the Senate Veterans Affairs Committee, in a statement Thursday. “Increasing veterans’ hard-earned benefits to keep up with the cost of living is a necessary cost of war, and I am proud that this bipartisan legislation will provide an increase in benefits for millions of veterans and survivors across the country – including 30,000 in Montana.” .”

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The increase applies to disability benefits, clothing allowances, and maintenance and compensation for surviving spouses and children.

The draft law links the increase in particular to the annual cost of living adjustment for social security benefits. The 2025 Social Security rate will not be announced by federal officials until October 10.

However, the advocacy group Senior Citizens League is predicting a 2.5% increase in the cost of living, the organization said in a press release earlier this month. That would be lower than in recent years, but in line with historical norms. In 2023, benefit recipients saw the highest increase in decades at 8.7%. This year’s increase was 3.2%.

There was no increase in 2010, 2011 and 2016.

While it’s considered uncontroversial to give veterans an annual increase in their benefits, Congress still has to formally approve the increase each year, and sometimes gets cut and dried when doing so.

Official approval of the increase this year was welcomed by lawmakers from both parties.

“With the rising cost of goods and living costs, many disabled veterans and their families, including survivors, rely on VA for essential financial assistance,” said Sen. Jerry Moran, R-Kan., ranking member of the Veterans Affairs Committee Senate in a statement on Thursday. “By ensuring certain earned benefits keep pace with rising prices, we can provide veterans and their families much-needed peace of mind.”

Rep. Morgan Luttrell, R-Texas, a Navy SEAL veteran who sponsored the House version of the bill, said in a statement after passage in the House that the vote was “a testament to our continued commitment to America’s heroes and theirs.” Families”.

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