The triple lock on pensions needs to be "rectified" due to coronavirus, a top Tory said today. Therese Coffey appeared to raise a question over the Tory manifesto pledge after a Covid-19 loophole threatened to hit the government with a massive bill.
The triple lock guarantees the state pension will rise by inflation, 2.5% or average earnings - whichever is highest. But average earnings fell the fastest on record in April, partly due to millions of people being put on 80% or lower furlough pay.
That suggests that after the furlough scheme ends, there might be a huge but "artificial" rise in pay in 2021, when compared to the same time this year.
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