Military Retirees and Disabled Veterans Receive Biggest Pay Raise in 7 Years
Posted in Uncategorized on May 14, 2019
Military retirees and disabled veterans saw the largest increase in pay since 2012 as the cost of living adjustment (COLA) was raised to 2.8% in 2019. Military retirees, disabled veterans and federal civilian retirees will all benefit from the same pay raise.
Learn more about the pay increase and how it could impact your family.
Biggest Pay Raise Given to Military Retirees and Disabled Veterans in 2019
On January 1, 2019, COLA was raised to 2.8%, giving military retirees and disabled veterans the largest pay increase since 2012.
With the pay increase:
- A 100% disabled veteran with dependents will see their monthly compensation increase to $3,437.10. That number can increase if the veteran’s spouse is disabled or if he or she has a child over 18 attending school.
- Survivors of members who died in active or inactive duty, survivors of military retirees or those participants in the Survivor Benefit Plan also saw a 2.8% in their annuities.
- Special Monthly Compensation (SMC) was also raised to 2.8% in 2019. This type of compensation is reserved for veterans who have suffered the loss or use of specific extremities or organs as a result of his or her military service.
House Veterans’ Affairs Committee Chairman, Phil Roe, praised the increase saying, “So many veterans rely on disability compensation payments to make ends meet and this cost-of-living adjustment means that they will be able to continue to do so."
Disability compensation rates are dependent on the Consumer Price Index and compared against the previous year’s numbers. The last time COLA was raised by more than 2.8% is in 2012, when it was raised 3.6%. The complete list of updates to military retired and retainer pay and survivor annuities, allowances and premiums can be found at: https://militarypay.defense.gov/Pay/Retirement/Cola.aspx.