The Military Pay Chart and how they are used in VA Loans
The annual US military pay chart is one of the most important informational releases for the financial plans of a veteran or an actively serving member of the US military. Used by many financial institutions including the government’s own VA as the basis for many financial options such as loans and refinancing. Knowing much about the chart and how accurately it can depict actual pay is an important part of being well prepared in financially important situations.
Past, Current, and Proposed Pay Charts
Military pay chart data are released annually and can be easily found on the internet at military websites and even private forums and communities. However, in order to have accurate data, it is best to consult the numbers given by the US Department of Defense. The related service when looking for the chart is the Defense Finance and Accounting Service. Pay data is only one of the many statistics and information releases made by the service. The 2012 military pay chart has been released and there is also new information for the proposed 2013 chart.
How the Pay Charts are Read
The charts are labeled in a way that is easy to understand and can be easily distributed to many agencies and institutions. The pay numbers are placed in a table labeled with the different ranks and the cumulative years of service given by the specific soldier. The pay grades are labeled E, O, and W which stand for Enlisted, Commissioned Officer, and Warrant Officer. Active soldiers who wish to learn their current pay rates only need to see to the data in the row and column corresponding to their pay grade and the amount of cumulative years they have served in the military. However the chart may not reflect the total final pay of the particular military personnel especially in cases where special pay is given. Good example of this are the US navy submariners who receive a special Submarine Duty Incentive Pay and soldiers who receive the Hostile Fire and Imminent Danger Pay because of serving in hostile territory.
How are the Pay Charts Used?
Pay charts are often used by financial institutions as a secondary source of information on the credit and financial status of an active duty soldier or a veteran. Although not a final or reliably accurate representation of a particular soldier’s final pay, the document can help give credit investigators have an idea on how much a serviceman have or will earn during his tours of duty. Private financial institutions and government agencies like the VA may use past military pay chart data to create help create an estimate on their previous incomes and other similar information.
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