The House has passed H.R. 4114, the Veterans’ Compensation Cost-of-Living Adjustment Act of 2012. If it is signed into law by also passing the Senate vote, H.R. 4114 will increase the annual cost-of-living rate for veterans beginning on December 1, 2012. This year’s estimated COLA increase will be approximately 1.9 percent.
For many, passage of the COLA each year is merely a formality. But it has typically been pushed to the end of the year, and after there were a few last-minute votes in 2011 for military pay, it is a relief to many to have it passing through Congress at such an early date. According to the press release issued by the House Committee on Veterans’ Affairs, taking care of the COLA now ensures that veterans will be given the benefits they have been promised without falling victim to political fighting.