Retired and Disabled Veterans Could See Monthly Pay Increase Soon
This could be great news for retired and disabled veterans. The military is looking to increase paychecks for the annual Cost of Living Adjustment.
According to our news partners at KWTX, retired and disabled veterans could see as much as a 6% increase in their monthly checks. The Cost of Living Adjustment is based off inflation, and figures in 2022 are looking like that 6% is what they'll get. That could mean retired and disabled veterans could be seeing anywhere between $100 and $200 additional every month.
Nothing has been confirmed yet, but if that raise gores through, it would be the largest increase since 1983.
Tila Jernigan with Military & Veteran Services at Texas A&M Central Texas says:
“Being able to adjust that cost and keeping up with the rising costs is important because these veterans do depend on it. It’s no doubt that veterans depend on their military income whether that’s for a supplement to their current income or they’re unemployable.”
The inflation increase is due in part to the rise in gas prices, which local economist Robert Tennant says will lead to the rise in cost for groceries and other items. Tennant says:
“So, increase in demand, decrease in supply and all of a sudden, inflation starts to grow at an unexpected rate.”
Let's hope this comes through. If anyone's earned a raise, it's those who've served and sacrificed for our country.