Veterans Compensation Amendments of 1981

Veterans' Compensation Amendments of 1981 - Title I: Veterans' Disability Compensation Benefits - Increases the rates of veterans' compensation for: (1) wartime disability compensation; (2) additional compensation for dependents; and (3) clothing allowances paid to certain disabled veterans.

Title II: Survivors' Dependency and Indemnity Compensation Benefits - Increases the rates of veterans' dependency and indemnity compensation for: (1) a surviving spouse; (2) surviving children; and (3) supplemental children's benefits. Provides for the adjustment of such benefits when the entitlement of a child is established retroactively or a child reaches age 18.

Title III: Life Insurance Program Amendments - Increases the maximum amount of insurance coverage under the Servicemen's Group Life Insurance Program. Permits a member of the Retired Reserve of a uniformed service to obtain increased coverage as specified. Increases the maximum amount of insurance coverage under the Veterans' Group Life Insurance Program. Directs the Secretary of Defense to prescribe regulations for the administration of the Servicemen's Group Life Insurance Program by the Secretaries of the military departments. Permits the first beneficiary under a National Service Life Insurance policy to elect to receive payment in a lump sum. Directs the Administrator of Veterans' Affairs to notify each individual insured under such policy or a United States Government Life Insurance policy of such changes and to provide forms for the election of a mode of payment.

Title IV: Miscellaneous Provisions - States that a funded personnel ceiling shall be provided to the Veterans' Administration. Requires the Director of the Office of Management and Budget to certify to the appropriate committees of Congress and to the Comptroller General that such ceiling has been provided. Directs the Comptroller General to report to the appropriate committees of Congress as to whether the Director has complied with such requirement.

Requires the Administrator of Veterans' Affairs, before reorganizing or redistributing the functions of the bureaus, agencies, offices, or activities within the Veterans' Administration, to submit to Congress for 60 days a plan describing proposed changes. Makes such plan effective if neither House of Congress adopts a resolution of disapproval.

Requires a veteran to have completed at least 24 months of an obligated period of service before such veteran is eligible for benefits administered by the Veterans' Administration, including disability benefits, hospital and medical care, and burial benefits. Preserves the right of certain blind veterans being furnished hospital or nursing home care in a Veterans' Administration blind rehabilitation center or clinic to continue to receive full pensions.