Effective Dec. 1, the increase will appear on January paychecks—directly deposited on Dec. 31, 2012—and affect about 4 million veterans, military retirees and survivors.
The average increase in income for the year is $500. Dollar amounts will vary on an individual basis depending on disability rating.
A few weeks ago, the Senate passed the cost of living adjustment (COLA) bill for the 1.7 percent increase for military retirees and veterans’ survivors. Those affected by the increase will see the increase in monthly benefit payments in 2013. The House version of the bill that passed unanimously in June also called for a 1.7 percent increase.
The Senate acted swiftly when it returned from the election recess to guarantee January payments reflect the increase.
The COLA will increase pay for Social Security recipients and military retirees who receive disability compensation and pension, as well as veterans’ survivors who receive dependency and indemnity compensation.
Original Source: http://www.veteransunited.com/money/house-approves-cola-increase-for-disabled-veterans/
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