House Passes Veterans’ COLA
Washington, D.C. – Today, Representative Mike Michaud, Ranking Member of the House Veterans’ Affairs Committee, praised House passage of S. 893, the Veterans’ Compensation Cost-of-Living Adjustment (COLA) Act of 2013, which provides veterans a projected 1.5 percent COLA beginning in January.
“Without this annual COLA increase, veterans, their families, and survivors would see the value of their hard-earned benefits slowly erode. Many of the millions of veterans and survivors who receive monthly benefits depend upon these payments in order to make ends meet. For some, it is their only source of income,” said Michaud during the House floor debate on the bill.
Since 1976, Congress has acted annually to increase veterans’ benefits by an amount estimated to keep pace with inflation. This year’s increase is the same as that provided to Social Security recipients.
“Providing for a cost-of-living increase is an important thing we can all do to help veterans and ensure that the value of their benefits does not decrease over time due to inflation. It is a way in which we can, the day after Veterans Day, thank our veterans again for their service and their sacrifices,” Michaud continued.
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