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

Screenshot 2024 07 15 At 11.49.27 AM

Marines, Air Force on track for 2024 recruiting; Navy projected to miss

With three full months left in the fiscal year for military recruiting, the services already are developing a sense of whether they’ll make their target recruiting mission or end up short.

Screenshot 2024 07 15 At 11.34.43 AM

BENS Member, Michelle Giuda

At the recent “CHIPS for America: Execute for Global Success” Summit, held at the U.S. Senate, BENS Member Michelle Giuda, CEO of the Krach Institute for Tech Diplomacy at Purdue,…

Screenshot 2024 07 15 At 11.39.03 AM

Event Recap-July 15, 2024

Dr. Jonathan D. T. Ward, author of China’s Vision of Victory and The Decisive Decade, recently joined BENS Chairman Mark Gerencser for an engaging fireside chat focused on how to revitalize US and allied economic…

Receive BENS news and insights in your inbox.