From April, State Pension will increase by £700 for all Brits. Millions of people currently rely on their pension, according to the Department for Work and Pensions (DWP).
Rishi Sunak has already axed the triple lock mechanism this year - a move which could cost all pensioners £500 each. The same could be done next year if he believes pensioners are being paid too much.
The triple lock increases the State Pension either by inflation, earnings or 2.5 per cent, whichever is higher. READ MORE: State Pension amount will change for millions of women in the UK from April If Sunak had implemented this from April, pensioners would have received a pay rise 8.3 per cent, in line with earnings.
Instead, the Department for Work & Pensions (DWP) said it would "temporarily suspend" the earnings element of the triple lock, blaming “skewed and distorted” figures due to the pandemic.
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