Press Releases

Washington, D.C. – Last night, the Senate unanimously approved the Veterans' Compensation Cost-of-Living Adjustment Act of 2011 to increase veterans' compensation through a Cost-of-Living Adjustment (COLA).  Senator Jim Webb (D-VA) was an original cosponsor of the bipartisan measure, which is estimated to affect over 3.5 million veterans and survivors in Fiscal Year 2012.  It will soon head to President Obama for his signature.

“For the past two years, the cost of basic necessities has risen, but veterans’ benefits have not kept pace,” said Senator Webb.  “It is fair and appropriate to give our veterans compensation that reflects today’s cost of living.”  

The Veterans' Compensation Cost-of-Living Adjustment Act of 2011, introduced with Senator Patty Murray (D-WA), directs the Secretary of Veterans Affairs to increase the rates of veterans’ compensation to keep pace with a rise in the cost-of-living, should an adjustment be prompted by an increase in the Consumer Price Index (CPI).  The bill specifies that the increase would affect veterans’ disability compensation, dependency and indemnity compensation for surviving spouses and children, and certain related benefits.                              

The COLA increase for veterans will match the annual increase provided to Social Security recipients. The COLA is designed to offset inflation and other factors that lead to the rising cost of living over time.  The COLA rate is based on the Bureau of Labor Statistics Consumer Price Index.  

Senator Webb, a member of the Senate Veterans’ Affairs Committee, served as a combat Marine in Vietnam and later as counsel to the House Committee on Veterans Affairs. He served five years in the Pentagon as a Marine, an Assistant Secretary of Defense and as Secretary of the Navy, and currently chairs the Personnel Subcommittee of the Armed Services Committee.

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