Social Security Administration officials announced a cost-of-living adjustment of 2.8 for veterans receiving disability pay. This increase marks the largest increase in the past six years.
Social Security benefits will increase beginning with the December 2018 benefits, which are payable in January 2019, according SSA reports. Federal SSI payment levels will also increase by 2.8 percent effective for payments made for January 2019.
“This legislation provides veterans with a cost-of-living adjustment that keeps up with inflation,” said Rep. Phil Roe, chairman of the House Committee on Veterans’ Affairs in a statement after President Donald Trump signed the bipartisan Veterans Compensation Cost-of-Living Adjustment Act of 2018 into law. “So many veterans rely on disability compensation payments to make ends meet, and this cost-of-living adjustment means that they will be able to continue to do so.”
According to a press release from Congressman Mike Bost administration, the Veterans Compensation Cost-of-Living Adjustment Act of 2018 would increase the rates of compensation for veterans with service-connected disabilities as well as the rates of dependency and indemnity compensation for the survivors of certain disabled veterans as of Dec. 1, 2018, and by the same percentage as Social Security beneficiaries.
For more information about the COLA determinations, visit https://www.ssa.gov/oact/cola/latestCOLA.html