Prime Minister Rishi Sunak has committed to keeping the state pension triple lock intact, despite new analysis showing the policy is costing the Government £11bn a year
The ONS released figures in August showing average wage growth between April and June was 8.2 per cent, while the most recent figure for CPI inflation, for July, was 6.8 per cent.Should the state pension increase by 8.3 per cent next year, then the full basic pension would reachTom Selby, head of retirement policy at AJ Bell, said: “Spiralling wage growth is set to provide another boon for retirees in 2024, a year after the state pension surged by 10.
“With inflation falling, it is now a near certainty tomorrow’s wage growth figure will determine next year’s triple lock state pension rise. Should wage growth come in at over 8 per cent again, the full new state pension could surge past £220 a week, or almost £11,500 a year. “Increases of this scale will inevitably spark debate about whether the triple lock should be retained. Those against the policy will argue it risks perpetuating intergenerational unfairness, particularly if retaining the pledge results in the tax burden on working people being driven upwards. Those in favour of the policy, meanwhile, will likely point to the fact the UK’s state pension is relatively low when compared with other countries.”At present the full basic state pension is £156.
are employed and earning between £123 and £190 a week from one employer and are treated as having paid NI contributions;receive NI credits.
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