The annual rate of retired pay of each person retired under section 763 of this title, as amended and supplemented, shall be increased, effective on the first day of the first calendar month following July 9, 1956, in accordance with the following schedule:
| If retired pay commences between- | Retired pay not in excess of $1,500 shall be increased by- | Retired pay in excess of $1,500 shall be increased by- |
|---|---|---|
| June 20, 1918, and June 30, 1955 | 12 per centum | 8 per centum. |
| July 1, 1955, and December 31, 1955 | 10 per centum | 7 per centum. |
| January 1, 1956, and June 30, 1956 | 8 per centum | 6 per centum. |
| July 1, 1956, and December 31, 1956 | 6 per centum | 4 per centum. |
| January 1, 1957, and June 30, 1957 | 4 per centum | 2 per centum. |
| July 1, 1957, and December 31, 1957 | 2 per centum | 1 per centum. |
Such annual increase in retired pay shall not exceed the sum necessary to increase such retired pay to $4,104. The monthly installment of each retired payment so increased shall be fixed at the nearest dollar.
(July 9, 1956, ch. 524,