Tester, Moran Push for Cost-of-Living Increase for Veterans

(U.S. Senate) - U.S. Senators Jon Tester (D-Mont.) and Jerry Moran (R-Kan.), Chairman and Ranking Member of the Senate Veterans' Affairs Committee, recently introduced their bipartisan Veterans' Compensation Cost-of-Living Adjustment (COLA) Actto increase the rates of compensation for veterans with service-connected disabilities and military survivors under the Department of Veterans Affairs (VA).

"We need to make sure the men and women who served this country have benefits that meet their needs each year," said Chairman Tester. "That means boosting their hard-earned benefits to keep pace with higher costs of living. I'm proud to work with Senator Moran on this bipartisan legislation that will ensure our veterans continue to get the benefits they earned in service to this country."

"We have a responsibility to provide care and support for our nation's veterans and their families," said Ranking Member Moran. "Many of these veterans rely on the VA for financial support, especially with ongoing rising costs and inflation. Making certain veterans benefits stay on pace with rising prices will help provide disabled veterans, certain surviving spouses and their children with peace of mind and continued support."

The Senators' bill would increase certain VA benefits including disability compensation, clothing allowances, and dependency and indemnity compensation for surviving spouses and children to reflect increases in the cost of living. The cost-of-living adjustment will be determined by the annual COLA adjustment to social security benefits, as determined by the Social Security Administration, and would go into effect December 1, 2024. The Social Security Administration bases its annual COLA on the Consumer Price Index, as determined each October by the Labor Department's Bureau of Labor Statistics.

The legislation is also sponsored by Senators Richard Blumenthal (D-Conn.), Mazie Hirono (D-Hawaii), Kyrsten Sinema (I-Ariz.), Angus King (I-Maine), Patty Murray (D-Wash.), Bernard Sanders (I-Vt.), Sherrod Brown (D-Ohio), Bill Cassidy (R-La.), Kevin Cramer (R-N.D.), John Boozman (R-Ark.), Thom Tillis (R-N.C.), and Mike Rounds (R-S.D.), all members of the Senate Veterans' Affairs Committee.<_o3a_p>