The Social Security Administration announced a 3.6 percent cost of living adjustment, as reported by the Social Security Administration, and that increase will apply to Department of Veterans Affairs disability compensation payments for the coming year.
Silive.com reported specific examples of how monthly benefits would change across common disability ratings. A veteran rated 70 percent with a spouse, one child and two dependent parents would see monthly pay rise from $2,320 to $2,404. The same 70 percent veteran without dependents would move from $1,808 to $1,874.
An 80 percent rating with a spouse, one child and two dependent parents would increase from $2,686 to $2,783, while an 80 percent veteran without dependents would go from $2,102 to $2,178. For a 90 percent rating with those dependents, monthly compensation would rise from $3,020 to $3,129, and without dependents from $2,362 to $2,447.
At full disability, a 100 percent rating with a spouse, one child and two dependent parents would increase from $4,671 to $4,840. A 100 percent veteran without dependents would see benefits move from $3,939 to $4,080.
Impact And Implementation
The article translated each monthly increase into annual additions to income so veterans can see the practical effect. For the 70 percent example with dependents the adjustment adds about $1,008 over a year. The 70 percent without dependents example adds about $781 annually. The 80 percent examples add about $1,160 with dependents and about $908.16 without.
The 90 percent examples add roughly $1,305 with dependents and about $1,020.48 without. The 100 percent cases add about $2,018 with dependents and about $1,701 without. The inflation adjustment is intended to preserve purchasing power as the cost of goods and services rises.
The new rates will take effect following congressional approval of legislation providing the increase, as reported by the Social Security Administration and noted in the coverage. Veterans affected by the change should review their personal compensation details with the Department of Veterans Affairs to confirm exact amounts based on dependents and specific ratings.
