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
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.