Pensioners could see an increase of nearly £1,000 from next April due to triple lock rules
According to figures released this morning by the Office for National Statistics , average pay went up by 8.5 per cent between May and June. Due to the triple lock system, this means state pension should go up by the same amount or potentially even more.
An 8.5 per cent increase from next April for the full new state pension would result in an increase of £902.40 a year, going up from £203.85 per week to £221.20 per week. Meanwhile, the full basic state pension would see in an increase of £691.60 a year - or a rise from £156.20 per week to £169.50 per week.
"The proportion of people neither working or looking for a job is slightly up, with more students, as well as the long-term sick reaching yet another record."However, the ONS highlighted that wage growth figures are subject to possible future revisions which means the increase to state pension is not yet guaranteed.
Chancellor Jeremy Hunt said: “It’s heartening to see the number of employees on payroll is still close to record highs and that our unemployment rate remains below many of our international peers. Wage growth remains high, partly reflecting one-off payments to public sector workers, but for real wages to grow sustainably we must stick to our plan to halve inflation.”
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