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 FY2023 President's Budget requested a 4.6% increase in basic pay, equivalent to the statutory formula. The House-passed version of the National Defense Authorization Act (NDAA) for FY2023, H.R. 7900, and the Senate Armed Services Committee reported version of the FY2023 NDAA, S. 4543, did not contain provisions specifying the increase in basic pay. If Congress does not pass a law specifying a different rate, the increase specified by the statutory formula will go into effect on January 1, 2023."
CRS In Focus, IF10260
Congressional Research Service: https://crsreports.congress.gov/