💰VA Announces COLA for Dependency and Indemnity Compensation
Dependency and Indemnity Compensation Cost-of-Living Adjustments
Summary
As required by the Veterans' Compensation Cost-of-Living Adjustment Act of 2024, the Department of Veterans Affairs (VA) is hereby giving notice of Cost-of-Living Adjustments (COLA) in certain benefit rates. These COLAs affect the Dependency and Indemnity Compensation (DIC) program. The amount of the adjustment is tied to the increase in Social Security benefits effective December 1, 2024, as announced by the Social Security Administration (SSA). SSA has announced an increase of 2.5%.
Agencies
- Veterans Affairs Department
Business Impact
$$ - Med
The notice relates to Cost-of-Living Adjustments (COLAs) which can affect financial planning for business owners with clients receiving Dependency and Indemnity Compensation (DIC) from the VA. Understanding these adjustments may help businesses strategically cater to affected demographics, particularly those supporting veterans.