AssetID: 53139444
Headline: UNCAPTIONED: US Troops Overseas Face Cuts to Cost-of-Living Allowances
Caption: US Troops Overseas Face Cuts to Cost-of-Living Allowances. Fox News reports that United States service members are about to see another cut to their monthly allowances designed to reflect the rising cost of living in the U.S. In May, the Defense Department announced the first OCOLA cut. According to the Defense Department, a second round of cuts to overseas troops' cost-of-living allowances (OCOLA) is on the way in November. Military.com reports that the November 15 cut will impact service members' December 1 paychecks ahead of the holiday season. In 2022's National Defense Authorization Act, lawmakers passed restrictions limiting decreases in service members' allowances to once every six months. Fox News reports that more than 230,000 troops receive OCOLA allowances. According to senior defense officials, a 4.6% basic pay raise for troops will help to offset the impact of reductions in OCOLA allowances. "Even [for] those locations where OCOLA rates will start to decline, pay in 2023 is still higher than it was in 2022.", Senior defense official, via Military.com. "So, most service members will still have a higher takehome pay even with OCOLA reductions than what they had in 2022.", Senior defense official, via military.com. THIS VIDEO MUST NOT BE EDITED FOR LENGTH TO COMBINE WITH OTHER CONTENT
Keywords: US,United States,Face,Cuts,Cost of Living Allowances,COLA,USA,Politics,Army,Military,Troops,Overseas,Designed,Rising,Cost,Living,Defense Deparment,OCOLA
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