From the Document: "The phrase 'military pay raise,' frequently used in discussions of military compensation, almost always refers to the annual increase in 'basic pay' for members of the uniformed services. By law, basic pay is automatically increased at the start of each calendar year by an amount linked to the change in the Employment Cost Index (ECI), although the President or Congress may override this statutory adjustment. [...] The FY2022 President's Budget requested a 2.7% increase in basic pay, equivalent to the statutory formula. The initial House-passed version of the National Defense Authorization Act (NDAA) for FY2022, H.R. 4350 and the Senate Armed Services Committee reported version of the FY2022 NDAA, S. 2792, did not contain provisions specifying the increase in basic pay. Neither did the enacted version of the FY2022 NDAA, S. 1605, thereby leaving the 2.7% automatic adjustment provided by 37 U.S.C. §1009 in place. As such, basic pay is to increase by 2.7 % effective January 1, 2022."
CRS In Focus, IF10260
Congressional Research Service: https://crsreports.congress.gov/