Bill 118 HR 1529, also known as the Veterans' Compensation Cost-of-Living Adjustment Act of 2023, is a piece of legislation introduced in the US Congress. The purpose of this bill is to provide a cost-of-living adjustment (COLA) for veterans who are receiving disability compensation from the Department of Veterans Affairs.
The bill aims to ensure that veterans who have served our country and have been injured or disabled as a result of their service are able to keep up with the rising cost of living. By providing a COLA, the bill seeks to help these veterans maintain their standard of living and ensure that they are able to meet their financial needs.
If passed, the bill would authorize an increase in the rates of disability compensation for veterans, as well as for the dependents of deceased veterans. This increase would be based on the percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) from the previous year.
Overall, the Veterans' Compensation Cost-of-Living Adjustment Act of 2023 is aimed at supporting and honoring our nation's veterans by ensuring that they receive the financial assistance they need to live comfortably and with dignity.