Spotlight: Veterans to see COLA increase in 2014
For the first time, veterans who receive disability and retirement benefits won't see their cost of living increase rounded down to the nearest dollar. Veterans in 2014 will receive a 1.5 percent COLA increase, the VA announced Dec. 4.
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. Since law required the VA to round that number down, veterans only received 1 percent.
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 statement says.
In fiscal 2013, the VA provided over $59 billion in compensation benefits to nearly 4 million veterans and their survivors, and over $5 billion in pension benefits to more than 515,000 Veterans and their survivors, the statement says.