The largest Veteran pay raise for 2022 is underway. Veterans receiving retirement or disability benefits from the Department of Veterans Affairs will see their monthly payout increase by 5.9%.
Cause Of The Veteran Pay Raise For 2022
Inflation and the annual adjustment to the federal Cost of Living Allowance (COLA) caused a significant increase. The yearly adjustment averaged around 1.5% for the last ten years.
On Wednesday, October 13th, the Social Security Administration released the rate of adjustment. The VA is required to alter disability payment rates according to the adjustment rate. However, retirement payments are not legally required, but they usually follow the change.
Payments For Retired Veterans
By 2022, military retirement will increase by $59 per $1,000 received each month. Retired Veterans who entered military service after August 1st, 1986, and opted for the Career Status Bonus should see a monthly increase of only $49 per $1,000.
In addition, Survivor Benefit Plan payments are expected to see the same increase of $59 per $1,000 in their monthly payments.
VA Disability Pay Increase
For VA Disability Benefits, the average monthly payout will go up about $8.50 per month for those with a 10% rating. Furthermore, for those rated at 100% disability, their monthly disability checks will go up about $185.65 per month.
A Mission To Serve Our Heroes
If you or anyone you know served in the military, you may need help obtaining a fair disability rating and compensation. Contact Veteran Ratings. Veteran Ratings has a 95% chance of success in acquiring the rating and benefits you deserve.
Have a question? On the fence? Contact us for more information. We are here for you — we proudly serve those who served. Veterans are our only priority because they made this the land of the free through their bravery and sacrifice.
