Biggest Military Pay Raise in 20 Years may be Boosted Even More Because of Inflation Worries

MilTimes Biggest Military Pay Raise In 20 Years May Be Boosted Inflation

Service members are in line for their biggest pay raise since 2003 next January, but lawmakers and advocates are questioning whether that will be adequate to keep military families in good financial health.

That’s because the formula used to calculate annual pay hikes doesn’t take into account issues like short-term inflation spikes. The Congressional Budget Office has predicted a 6.1% jump in the consumer price index this year, but none of that extra expense is built into the military pay raise formula.

More News & Insights

4WC7W5K3TNNE7NFYNA5VWRZXN4

South Korea, U.S. to Hold Largest Live-Fire Drills Amid North Korea Tension

SEOUL, March 22 (Reuters) – South Korean and U.S. forces will hold their largest-ever live-fire exercises in June in a show of force to North Korea, which has ratcheted up…

Np File 183642 E1678145950447

Korea and Japan Try and Try Again for a Reset

TOKYO – South Korean President Yoon Suk-yeol’s recent visit to Japan took an often backward-facing relationship and reset it looking forward, at least for the time being. The US was…

Screen Shot 2023 03 20 At 3

Pentagon Teams Up with SBA to Sweeten the Pot for Tech Investments

WASHINGTON — The Pentagon controls spy satellites, special operators and nuclear weapons, but there’s one thing it can’t do that 118 other government offices can: run a federal credit program, using…

Receive BENS news and insights in your inbox.