💵Veterans Pension and DIC Programs COLA Adjustments Announced
Veterans and Survivors Pension and Parents' Dependency and Indemnity Compensation (DIC) Cost of Living Adjustments (COLA)
Summary
As required by law, VA is hereby giving notice of COLA in certain benefit rates and income limitations. These COLAs affect the Pension and Parents' DIC programs. The rate 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
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The regulatory text outlines a Cost of Living Adjustment (COLA) impacting financial assistance programs for veterans and their survivors, which may influence consumer spending and demand for products/services tailored to veterans. The increase in benefits, particularly in the Pension and DIC programs, can directly affect the financial landscape for businesses interacting with this demographic.