Projected 2023 VA Disability Pay Rates | CCK Law

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Projected 2023 VA Disability Pay Rates
August 23, 2022
Updated: August 24, 2022
Projected 2023 VA Disability Pay Rates

The 2023 cost-of-living adjustment (COLA) will likely be anywhere from 9.3 percent to 11.4 percent, according to recent projections. This may lead to a significant increase in 2023 VA disability rates and monthly compensation for veterans. It is important to note that the 2023 COLA rate has not yet been determined; this is only an estimate and, as such, is subject to change over the next few months.
What Is the Cost-of-Living Adjustment (COLA)?

Every fiscal year, the Social Security Administration (SSA) sets forth an updated cost-of-living adjustment (COLA), based on the percentage increase in the Consumer Price Index for Urban Wage Earnings and Clerical Workers (CPI-W). The CPI-W measures the change in prices of goods and services over time.

After the Bureau of Labor Statistics (BLS) calculates the monthly CPI-W, the SSA will pull data from the third quarter (i.e., July, August, and September) of the previous fiscal year to the third quarter of the current year to determine the COLA for the upcoming year.

Following this, the Senate will pass new legislation to allow a cost-of-living increase for veterans’ benefits. The Department of Veterans Affairs (VA) will then adjust veterans’ monthly compensation to reflect the updated cost of living. This typically leads to an increase in veterans’ benefits each year.

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