Millions to receive major triple lock state pension rise next year
manchestereveningnews.co.ukMillions receiving the state pension will see a major increase of hundreds of pounds next year. According to figures released this morning by the Office for National Statistics (ONS), average pay went up by 8.5 per cent between May and June.
Due to the triple lock system, this means state pension should go up by the same amount or potentially even more. An 8.5 per cent increase from next April for the full new state pension would result in an increase of £902.40 a year, going up from £203.85 per week to £221.20 per week.
Meanwhile, the full basic state pension would see in an increase of £691.60 a year - or a rise from £156.20 per week to £169.50 per week. Try MEN Premium for FREE by clicking here for no ads, fun puzzles and brilliant new features Darren Morgan, ONS director of economic statistics, said: "Earnings in cash terms continue to increase, at a record rate outside the pandemic-affected period.
Coupled with lower inflation, this means people's real pay is no longer falling. Unemployment continues to increase in the latest three months.
Read more on manchestereveningnews.co.uk
