A bill to provide an increase in pay for members of the uniformed services in pay grades E-5 through E-9, to equalize aviation career incentive pay for warrant and other officers, to provide longevity pay increases for members of the uniformed services in the pay grade 0-3 with more than 16 years of service, and to establish a mechanism for annually adjusting the compensation of members of the uniformed services.

Increases the basic pay for members of the uniformed services serving in pay grades E-5 through E-9. Equalizes the amount of aviation career incentive pay received by eligible warrant and other officers. Sets forth the conditions for the increase in the rates of basic pay for members of the uniformed services serving in pay grade 0-3.

Directs the Secretary of Defense to increase regular military compensation according to increases in non-Federal pay rather than increases in the General Schedule rates of basic pay for civilian employees. Requires the President to prepare and submit to Congress an alternative plan for compensation adjustments when necessary because of national security considerations, national emergency, or economic conditions affecting the general welfare. Makes such alternative effective at the beginning of the applicable fiscal year unless either House adopts a resolution disapproving such alternative within 30 days of transmittal.