Every year in April the state pension goes up annually with the highest of either wage growth. By september the inflation went up till 2.5%. It is known as triple lock commitment meaning that pensioners will get 8.5% uplift in the state pension value starting from April 2024.
In the UK inflation migt be falling however the wages are rising and stat pension will get another boost in the coming year.
How much has the state pension increased by?
The state pension will increase by more than 10% in April 2023. The payment will increase in accordance with whihcever is higher of the following.
- The consumer price indeas inflation measure
- avergae earning between may-july of the previous year
The treasury confirmed triple lock on 22 November starting for 2024/2025 tax year. The september 2023 figure show that teh average wages rose by 8.5% whihc is higher than 2.5% and inflation rate is 6.7%.This states that the state pension will rise by 8.5%. Pensioners will recieve extra £17.35 a week for state pension. Anyone above the state pension age before April 2016 will get extra £13.30 a week
Current state pension income
In april 2023 the state pension rose and now:
- The full new state pension is approximately £10,600 a year, or £203.85 a week
- If an individual has reached epnsion age before April 2016 they will get £8,122 a year, or £156.20 a week
When will the state pension increase?
The state pension increment will reflect from April 8 2024. The tax year 2024/2025 will begin on Sunday 6th April 2024 and the increment will come through in bank amount from Monday 8th April.
Should I defer my state pension?
The current retirement age of UK is 66. If you keep working beyond this age then you will end up delaying the state pension. However the pros and cons of delaying the recieving of state pension.
Why was the pension triple lock suspended in 2022?
Admist the pandemic, millions of workers had to work on reduced wagest as the business were shut down or scaled back. As the economy starting opening up slowly the spike in wage growth was unusual and the worked were returning to full pay. Government figures show that UK earnings grrw by 8% between the period of May to July 2021 and this determined the rise in state pension. Howeve there were concerns surrounding the significant rise in government finances there the triple lock was suspended.
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