Provisions
The act awarded veterans additional pay in various forms, with only limited payments available in the short term. The value of each veteran's "credit" was based on each recipient's service in the United States Armed Forces between April 5, 1917 and July 1, 1919, with $1.00 awarded for each day served in the United States and $1.25 for each day served abroad. It set maximum payments at $500 for a veteran who served stateside and $625 for a veteran who served overseas, senior officers and anyone whose service began after November 11, 1918.
It authorized immediate payments to anyone due less than $50. The estate of a deceased veteran could be paid his award immediately if the amount was less than $500. All others were awarded an "adjusted service certificate," which functioned like an insurance policy. Based on standard actuarial calculations, the value of a veteran's certificate was set as the value of a 20-year insurance policy equal to 125% of the value of his service credit. Certificates were to be awarded on the veteran's birthday no earlier than January 1, 1925 and redeemable in full on his birthday in 1945, with payments to his estate if he died before then. Certificate holders were allowed to use them as collateral for loans under certain restrictions.
Read more about this topic: World War Adjusted Compensation Act
Famous quotes containing the word provisions:
“Perhaps it is a universal truth that the loss of liberty at home is to be charged to provisions against danger, real or pretended, from abroad.”
—James Madison (1751–1836)
“Drinking tents were full, glasses began to clink in carriages, hampers to be unpacked, tempting provisions to be set forth, knives and forks to rattle, champagne corks to fly, eyes to brighten that were not dull before, and pickpockets to count their gains during the last heat. The attention so recently strained on one object of interest, was now divided among a hundred; and, look where you would, there was a motley assemblage of feasting, talking, begging, gambling and mummery.”
—Charles Dickens (1812–1870)
“Drinking tents were full, glasses began to clink in carriages, hampers to be unpacked, tempting provisions to be set forth, knives and forks to rattle, champagne corks to fly, eyes to brighten that were not dull before, and pickpockets to count their gains during the last heat. The attention so recently strained on one object of interest, was now divided among a hundred; and, look where you would, there was a motley assemblage of feasting, talking, begging, gambling and mummery.”
—Charles Dickens (1812–1870)