Compensation shall be payable under this act to any veteran a legal resident of this Commonwealth and shall be computed on the basis of fifteen dollars ($15) for every month, or major fraction thereof, of active foreign and/or sea service for those veterans who were awarded or authorized the Korean Service Medal and ten dollars ($10) for every month, and major fraction thereof, of other active service in the military, naval or air forces of the United States or of any of her allies, as shown by the service or other record of the veteran, except that the compensation of a veteran who died in active military, naval or air service during the period set forth in section 2 of this act¹ shall be five hundred dollars ($500). No veteran who served less than sixty days active service during the period specified in section 2, shall be entitled to receive any compensation under this act. Any eligible veteran who was in active service during the period specified shall be allowed the per monthly compensation as designated until January 27, 1954, but no veteran shall be entitled to receive compensation under this act in a sum to exceed five hundred dollars ($500).

Nor shall any individual who was a member of the regular armed forces of the United States with continuous service for four years immediately prior to June 25, 1950, except those who had been awarded the Korean Service Medal for active foreign and/or sea service and who have received compensation from the Commonwealth of Pennsylvania under the act of June 11, 1947 (P.L. 565), known as the “World War II Veterans' Compensation Act”,² receive compensation under this act in a sum that would cause his total compensation under the “World War II Veterans' Compensation Act” and this act to exceed a sum of five hundred dollars ($500) in the aggregate.