Will Veterans Get a Raise in 2024?
The question on every veteran’s mind: will they receive a raise in 2024? The answer is a resounding YES, but with some caveats. In this article, we’ll delve into the details of the proposed pay raise, its significance, and what it means for our nation’s heroes.
Background: The Current Pay Scale
The current pay scale for military personnel is based on the 2022 Military Pay Chart, which went into effect on January 1, 2022. The chart outlines the base pay rates for each rank and year of service. For example, a Private First Class (E-3) with 2 years of service earns a base pay of $2,043.50 per month, while a Colonel (O-6) with 20 years of service earns a base pay of $8,672.10 per month.
Proposed Pay Raise for 2024
The 2024 National Defense Authorization Act (NDAA), which was signed into law by President Joe Biden on December 23, 2022, includes a 4.6% pay raise for military personnel. This increase is $0.35 per hour higher than the 2023 pay raise of 4.2%. The new pay rates will take effect on January 1, 2024.
How the Pay Raise Will Affect Veterans
So, how will this pay raise affect veterans? Here are some key points to consider:
- Current Military Personnel: Those currently serving in the military will see an increase in their base pay rates. For example, a Private First Class (E-3) with 2 years of service will earn an additional $93.33 per month, bringing their total base pay to $2,136.83 per month.
- Veterans Retiring in 2024: Veterans who retire in 2024 will receive the new pay rates for their final years of service. This means they will receive the increased pay for the remainder of their military career and, subsequently, in their retirement.
- Veterans Not Retiring in 2024: Veterans who are not retiring in 2024 will not receive the pay raise. However, they will still receive the increased pay rates for their future military service.
Significance of the Pay Raise
The 4.6% pay raise is significant for several reasons:
- Cost of Living Adjustment (COLA): The pay raise is designed to keep pace with the rising cost of living. Inflation has been on the rise in recent years, and this increase helps to ensure that military personnel can maintain their standard of living.
- Attracting and Retaining Talent: The pay raise is also a way to attract and retain top talent in the military. With a competitive pay scale, the military can attract and retain the best and brightest individuals, which is essential for national security.
- Recognition of Service: The pay raise is a way to recognize the sacrifices and service of our nation’s heroes. Military personnel put their lives on the line to protect our country, and this increase is a small token of appreciation for their dedication and hard work.
Comparison to Civilian Pay
It’s worth noting that the 4.6% pay raise is higher than the average civilian pay increase. According to the Bureau of Labor Statistics, the average civilian pay increase in 2022 was 3.4%. This means that military personnel will receive a higher pay increase than their civilian counterparts.
Conclusion
In conclusion, yes, veterans will get a raise in 2024. The 4.6% pay raise is a significant increase that will help to keep pace with the rising cost of living and attract and retain top talent in the military. While not all veterans will receive the pay raise, those who do will see an increase in their base pay rates. As our nation’s heroes continue to serve and sacrifice for our country, it’s essential that we recognize their service and provide them with a competitive pay scale.
