Joe Biden signed the Veterans’ Compensation Cost-of-Living Adjustment (COLA) act of 2023.
Compensation benefits will increase for military survivors under the Department of Veterans Affairs (VA) and veterans with disabilities that occurred while serving.
The COLA act will expand certain benefits towards the VA including compensation for disability, aid for clothing, and dependency and indemnity compensation (DIC) for surviving spouses and children, according to a news release from Senator John Tester.
Millions of disabled veterans and survivors will receive benefits directly, which includes over 30,000 survivors and veterans in Montana who get compensation for disability and DIC benefits.
The annual COLA adjustment to social security benefits, determined by the Social Security Administration, will dictate the cost of living adjustment and will be put into action December 1, 2023.
The Consumer Price Index, determined by the Labor Department’s Bureau of Labor Statistics every December, is what the Social Security Administration bases their yearly COLA adjustments on.