Next year, the amount of State Pension people in the UK get paid will change. The amount people get paid is rising, and it is set to be the biggest increase ever.
Rishi Sunak said the rise in April 2023 would be in line with the inflation rate in September this year, which is expected to be around 7.4 per cent, according to Bank of England forecasts.
Under the terms of the triple lock formula, the state pension must rise by the highest out of average earnings growth, 2.5% and inflation.
But this year it was suspended due to skewed earnings growth during the pandemic. READ MORE:Women are using a 14p item everyone has in their kitchen to get 'flawless streak-free' fake tan If it had gone ahead, it would have brought a rise of more than 8% for pensioners battling a fast-rising cost of living crisis.
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