Latest basic state pension forecast sees payments rise to £718 from next year with triple-lock
manchestereveningnews.co.ukUnder the pension triple lock policy, approximately 9.7 million individuals on the Basic State Pension could see their weekly payments increase by up to £40 each month from April next year, forecasts predict.
The new Labour Government has committed to maintaining the annual uprating measure in its current form for the coming five years.
The New and Basic State Pensions are adjusted each April according to the triple lock, which aligns with the highest of three measures: the average annual earnings growth from May to July, the Consumer Price Index (CPI) in the year to September, or 2.5 per cent.
The Office for National Statistics (ONS) released new figures this Wednesday showing that the CPI inflation rate remained steady at 2.0 per cent in June.
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