President Joe Biden has recently enacted the 2024 National Defense Authorization Act (NDAA), marking a significant raise in basic pay for military personnel, the most considerable in several decades.
The NDAA, receiving bipartisan support in Congress, advocates for an increase in salaries for both active-duty service members and reservists.
Significant Uplift in Basic Pay
Starting January 2024, active-duty troops, as well as members of the Guard and reserve, will experience a 5.2% hike in their pay, the largest since 2002.
This raise, stemming from Biden’s fiscal request and supported throughout the legislative process, will see an E-1 enlisted member’s pay nearly touch $2,017 monthly, a nearly $100 increase.
An O-4 officer with over six years of service will receive approximately $380 more per month, bringing their total to about $7,681. The original article states, “The 5.2% raise increases the monthly basic pay for an enlisted E-1 with less than two years of service by nearly $100 to $2,017.
For an officer with the paygrade of O-4 with more than six years of service, the raise amounts to about $380 a month for a total of about $7,681.” Precise figures will be disclosed by the Defense Finance and Accounting Service.
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Moderation in Allowance Increases
While 2024 will witness a substantial rise in basic pay, the increments in Basic Allowance for Housing (BAH) and Basic Allowance for Subsistence (BAS) are relatively modest.
BAS, which benefits active-duty members living off-base, is set to increase by 1.7%. BAH, covering 95% of housing costs, will see a 5.4% rise, a notable shift but still less than the previous year’s increase.
Veteran Benefits Also Enhanced
The pay raise extends to military veterans, with a 3.2% cost of living adjustment (COLA) for retirees and those receiving disability checks from the Department of Veterans Affairs.
This increase, though lower than the adjustments in 2022 and 2023, is still above the 20-year average of 2.6%. It translates to an additional $32 per $1,000 of military retirement pay each month.
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Considerations for Career Service Members
Military retirees who joined the service post-August 1, 1986, and chose the Career Status Bonus/Redux retirement plan, will face a slight reduction in their COLA increases, receiving a 2% smaller increase compared to other retirees.
In conclusion, the 2024 NDAA signifies a substantial commitment to improving the financial well-being of U.S. military personnel. This move not only acknowledges the challenges faced by service members but also reflects a national appreciation for their dedication and sacrifice.
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