(U.S. Senate) – Senate Veterans’ Affairs Committee Chairman Jon Tester (D-Mont.) and Ranking Member Jerry Moran (R-Kan.) are teaming up to introduce the Veterans’ Compensation Cost-of-Living Adjustment (COLA) Act of 2023 to increase the rates of compensation for veterans with service-connected disabilities and military survivors under the Department of Veterans Affairs (VA).

“I’ll always fight to deliver veterans and their families the quality benefits they need and earned,” said Chairman Tester. “That’s why I’m proud to join Senator Moran in our bipartisan push to make certain their hard-earned benefits are keeping pace with the changing economy—a critical step in taking care of the men and women who risked their lives to protect our freedoms.”

“We have a responsibility to take care of our veterans, many of whom rely on VA for financial support,” said Ranking Member Moran. “As we enter another year of crushing inflation, this legislation helps make certain veterans are able to keep pace with rising costs and receive the benefits they deserve.”

The Senators’ bill would increase certain VA benefits including disability and dependent compensation, clothing allowances, and dependency and indemnity compensation for surviving spouses and children to reflect increases in the cost of living. The cost of living adjustment will be determined by the annual COLA adjustment to social security benefits, as determined by the Social Security Administration, and would go into effect Dec. 1, 2023. The Social Security Administration bases their annual COLA adjustment on the Consumer Price Index, as determined each December by the Labor Department’s Bureau of Labor Statistics.