COLA for Veterans Sent to the President
WASHINGTON, D.C. – Today, the U.S. House of Representatives passed by the 2012 Cost of Living Adjustment (COLA) for veterans receiving compensation for service-connected disabilities. The COLA also affects the rates of dependency and indemnity compensation of veterans who died as a result of service.
Although Congress has passed a COLA every year for veterans since 1976, there has not been an increase since 2009. The COLA is tied to the Consumer Price Index, which also adjusts benefits for Social Security recipients.
“I am very happy that during these tough economic times, we are able to provide our wounded veterans with a Cost of Living Adjustment this year,” stated Rep. Jeff Miller, Chairman of the House Committee on Veterans’ Affairs. “Due to low inflation the past two years, our veterans have not received an increase. This additional income will help them make ends meet in the coming year.”
In May, the House passed by H.R. 1407, the companion bill to S. 894, which was voted on today. The 3.6% COLA increase will go into effect on December 1, 2011, once the legislation is signed into by law by the President.