(Washington, D.C.) – Today, U.S. Senator Patty Murray, Chairman of the Senate Veterans’ Affairs Committee, announced that a bill to provide a Cost-of-Living Adjustment (COLA) of 1.7% for America’s veterans has passed the U.S. Senate by unanimous consent. Senator Murray fought hard for COLA passage, after an unnamed Senate Republican blocked the traditionally non-controversial bill in late September. The Veterans COLA will 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 2013.
“A cost-of-living increase for our veterans is well deserved,” said Senator Murray. “Particularly in this difficult economy, our veterans deserve a boost in their benefits to help make ends meet. I am so glad we were finally able to move forward with passage of this bill. Caring for our nation’s veterans should never be a partisan issue.”
The COLA is designed to offset inflation and other factors that lead to the rising cost of living over time. The COLA rate will match the annual increase provided to Social Security recipients and is based on the Bureau of Labor Statistics Consumer Price Index.