Thursday, December 05, 2013
Veterans to Receive Cost-of-Living Increase
WASHINGTON – Veterans, their families and survivors receiving disability compensation and pension benefits from the Department of Veterans Affairs will receive a 1.5 percent cost-of-living increase in their monthly payments beginning Jan. 1, 2014, announced Secretary of Veterans Affairs Eric K. Shinseki.
For the first time, payments will not be rounded down to the nearest dollar. Until this year, that was required by law. Veterans and survivors will see additional cents included in their monthly compensation benefit payment.
For Veterans without dependents, the new compensation rates will range from $130.94 monthly for a disability rated at 10 percent to $2,858.24 monthly for 100 percent. The full rates are available on the Internet at www.benefits.va.gov/compensation/rates-index.asp.
The COLA increase also applies to disability and death pension recipients, survivors receiving dependency and indemnity compensation, disabled Veterans receiving automobile and clothing allowances, and other benefits.
Under federal law, cost-of-living adjustments for VA’s compensation and pension must match those for Social Security benefits. The last adjustment was in January 2013 when the Social Security benefits rate increased 1.7 percent.
In fiscal year 2013, VA provided over $59 billion in compensation benefits to nearly 4 million Veterans and survivors, and over $5 billion in pension benefits to more than 515,000 Veterans and survivors.