In sum, according to a defense official, the most recent annual modification to the allowance implies that around 17,000 service members would receive a total of approximately $26 million in CONUS COLA payments in 2024, a major increase from the $8 million received by approximately 5,000 personnel in 2023.
Unlike the overseas cost-of-living allowance, known as OCONUS COLA, which fluctuates monthly based on currency exchange rates, the CONUS counterpart changes only once a year in locations with high non-housing-related costs. Once an area's cost-of-living index surpasses 108% of the national average, it becomes eligible for CONUS COLA.
In addition, the carefully anticipated monthly jobs report from the Bureau of Labor Statistics showed the nation's unemployment rate at 3.7% in December, unchanged from November. "Employment continued to trend up in government, health care, social assistance, and construction, while transportation and warehousing lost jobs," according to the Bureau of Labor Statistics (BLS).
President Joe Biden used the BLS data ahead of his first campaign visit of the 2024 campaign to praise "Bidenomics" and contrast his almost four years in office with former President Donald Trump's administration.
"The economy created 2.7 million new jobs in 2023 -- a year when the unemployment rate was consistently below 4% -- more jobs than during any year of the prior administration," stated Vice President Joe Biden in a statement.
And lastly, according to the evaluation, which was authorized by Congress and undertaken by the RAND Corporation, current education initiatives are robust and well-utilized, adding great value to the armed services. However, researchers stated that extra coursework is frequently viewed as a goal in itself, rather than as a means of guiding officers to professional options where they may apply their knowledge.
In 2022, over 11,000 service members were enrolled in degree programs at military educational institutions such as the College of Naval Warfare, the Air Command and Staff College, and the National Defense University. Thousands more enrolled in non-degree programs sponsored by the military or degree programs at civilian-run colleges.
And that's the way it is for Thursday, January 11, 2024.
Stay tuned for our next M&G-B, where we will continue to keep you in the loop on all things pertinent to the coronavirus, veterans, active-duty members, guards and reservists, and military family members. Stay happy, and stay healthy!
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