Annual COLA increases are larger in years with higher inflation. Conversely, there was no COLA increase in 2010, 2011, or 2016 because of low inflation. Note:While COLA affects things like VA disability pay, Military retirement pay, etc. It doesnotimpact Military Pay and Drill Pay for Reserve...
"Boosting our veterans' hard-earned benefits to keep pace with the cost of living is a necessary cost of war," said Sen. Jon Tester, a Democrat from Montana who co-sponsored the bill, in a statement. The COLA increase for VA benefits will apply to disability payments, clothing allowances...
Military retirement pay and various VA benefits receive a yearly COLA (Cost-of-Living Adjustment) increase to keep pace with inflation. The COLA for 2024 is 3.2%, and for 2025, it will be 2.5%. COLA additionally impacts Social Security checks, disability compensation, and other pensions/benefit...