Retiree Pay Raise
Saturday October 28, 2006
Military retirees will receive a 3.3 percent pay raise (Cost of Living Allowance), effective January 1, 2007. By law, annual military retirement COLA is tied to annual Social Security raises. This raise is based on the average increase in the price of goods and services over the final three months of the fiscal year, which ended Sept. 30, as tracked by the Labor Department’s Bureau of Labor Statistics.
This means, for the second year in a row, military retirees will receive a larger pay raise than their active duty counterparts. Under the FY 2007 Military Authorization Act, active duty members will receive a 2.2 percent pay raise, effective January 1, with a few members receiving a second, targeted raise on April 1. The combination of the two raises will yield an average active duty pay increase of 2.7 percent.
This means, for the second year in a row, military retirees will receive a larger pay raise than their active duty counterparts. Under the FY 2007 Military Authorization Act, active duty members will receive a 2.2 percent pay raise, effective January 1, with a few members receiving a second, targeted raise on April 1. The combination of the two raises will yield an average active duty pay increase of 2.7 percent.
Comments
Do you really mean the retiree pay raise effective Jan 1, 2007 rather than 2008?
Yep. I mean’t 2007. I’ve changed the entry.
Thanks!
I look at my Retiree account Statement (RAS) for Jan 2008 and it says:
“YOUR NEW PAY INCLUDES A 2.3% COST OF LIVING INCREASE”.
What there a change
Thanks
Military retirees receive a cost of living adjustment “pay raise” every January.
For 2008, the raise was 2.3 percent (see: http://usmilitary.about.com/b/2007/12/31/retiree-pay-raise-2.htm).