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House passes COLA increase for veterans

The House of Representatives has passed the 2012 Cost of Living Adjustment (COLA) for veterans receiving compensation for service-connected disabilities. The COLA also affects the rates of dependency and indemnity compensation of veterans who died as a result of service.

Although Congress has passed a COLA every year for veterans since 1976, there has not been an increase since 2009. The COLA is tied to the Consumer Price Index, which also adjusts benefits for Social Security recipients.

In May, the House passed H.R. 1407, the companion bill to S. 894, which was voted on today. The 3.6 percent COLA increase will go into effect on Dec. 1 once the legislation is signed into by law by the president.