Record pay increase for Veterans receiving VA compensation benefits

It’s that time of year again. VA is increasing compensation payment rates based on the latest cost-of-living adjustment (COLA) announcement. Beginning Jan. 1, 2023, Veterans and beneficiaries who receive VA compensation benefits will see an 8.7% increase in their monthly payments—the largest increase in over 30 years.

The annual COLA increase is tied to the Social Security rate change and is based on the consumer price index (CPI). The CPI, provided by the U.S. Department of Labor, measures the average changes in cost for urban goods and services. The Department of Labor takes a snapshot of the costs of a select group of goods and services and compares those costs to the previous year. When there is an increase, those receiving benefits see a boost in their monthly payments for the upcoming year.

If you are receiving disability compensation benefits from VA, you can use VA disability compensation benefit rates tables to find your current monthly payment amount.

https://news.va.gov/113397/record-pay-increase-va-compensation/