The Department of Veterans Affairs (VA) has announced a cost of living adjustment (COLA) of 2.5% for certain benefits, effective December 1, 2024. This adjustment affects the pension and Parents' Dependency and Indemnity Compensation (DIC) programs, and it aligns with the increase in Social Security benefits as announced by the Social Security Administration. The document details updated rates for various categories, including veterans and survivors, with specified maximum annual rates, net worth limits, and income limitations for pension eligibility. Additionally, specific provisions are outlined for parents receiving DIC based on their income and dependency status.
Simple Explanation
The Veterans Affairs Department is giving some extra money to people who get certain benefits, like older veterans and their families, because everything is getting more expensive. This change will start in December 2024, and it's like what people on Social Security will get, which is a bit more money, about 2.5% more.