(Washington, D.C.) – Today, U.S. Senator Patty Murray (D-WA) announced that a bill she co-sponsored to provide a Cost-of-Living Adjustment (COLA) for America’s veterans passed the U.S. Senate Monday by unanimous consent. The COLA for veterans will match the annual increase provided to Social Security recipients which CBO estimates will be 1.5 percent. The Veterans COLA affects several important benefits, including veterans’ disability compensation and dependency and indemnity compensation for surviving spouses and children. It is projected that over 4.2 million veterans and survivors will receive compensation benefits in Fiscal Year 2014.
“Particularly in this difficult economy, our veterans deserve a boost in their benefits to help make ends meet,” Senator Murray said. “We have an obligation to the men and women who have sacrificed so much to serve our country and who now deserve nothing less than the full support of a grateful nation. A COLA increase will help bring us one step closer to fulfilling our nation’s promise to care for our brave veterans and their families.”
The COLA is designed to offset inflation and other factors that lead to the rising cost of living over time. The COLA rate is based on the Bureau of Labor Statistics Consumer Price Index.
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