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Veterans, their dependents and other annuitants would receive a yet-to-be-determined cost of living adjustment (COLA), under a measure that cleared the Senate March 31. The House has yet to act on a comparable measure. Estimates are expected to range from 2 – 3 percent in 2024, much lower than the nearly 9 percent hike in 2023, and the 5.9 percent increase in 2022.
Disability compensation, clothing allowances, and dependency and indemnity compensation (DIC) would rise when the COLA takes effect on Dec. 1. The final amount is usually announced in October.
Social Security benefits also would increase. The amount of the increase will hinge upon changes in the Consumer Price Index (CPI), which measures changes in prices of goods and services. The Labor Department’s Bureau of Labor Statistics will determine the CPI later this year.
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