Rishi Sunak Britain pandemic shock man Rishi Sunak Britain

State Pension is rising next year but millions of OAPs will get £2,400 less

Reading now: 513
manchestereveningnews.co.uk

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.

Read more on manchestereveningnews.co.uk
The website celebsbar.com is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.

Related News

DMCA