Older people on the full rate state pension will see an increase to around £203.85, or an annual income of £10,600
Chancellor Jeremy Hunt has delivered on the Government’s triple lock pledge and confirmed a 10.1 per cent state pension rise for the UK’s elderly population next April.
He averted a furious backlash by giving those on the full rate an increase from the current £185.15 a week to around £203.85, or an annual income of £10,600.
Older people on the basic rate state pension of £141.85 a week – topped up by additional entitlements if earned during working years – will receive an increase to around £156.20 a week or £8,120 a year.
The triple lock pledge means the state pension should increase every year by the highest of price inflation, average earnings growth or 2.5 per cent.
But Prime Minister Rishi Sunak sparked fury when he was Chancellor by scrapping the earnings element from last April’s state pension rise, because wage growth was temporarily distorted due to the pandemic.
Instead, pensioners received a 3.1 per cent hike, using the inflation figure from the previous autumn before it started to soar.
In the political chaos of the past few months, Liz Truss’s short-lived Government and Sunak’s new regime have sent mixed messages about whether they would implement the full 10.1 per cent increase linked to this September’s inflation rate.
The financial struggle many people currently face to meet household bills was highlighted by a further rise in the headline rate of inflation to 11.1 per cent last month.
The Treasury said: ‘Working age benefits will rise by 10.1 per cent, boosting the finances of millions of the poorest people in the UK, and the triple lock will be protected, meaning pensioners will also get a rise in the state pension and the pension credit in line with inflation.’
Pension credit, which tops up weekly income to a minimum of £182.60 for single people and £278.70 for couples, will also rise by 10.1 per cent next April.
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