State Pension payments could rise to £880 a month from next April as all eyes focus on wages growth figure due this month.
Chancellor Jeremy Hunt has said there may be a “blip” in the August inflation figure due to be announced on Wednesday, September 20. The concession from the Chancellor comes despite his insistence that the UK Government’s plan to reduce inflation is working.
Even a September CPI of five per cent will see 12.6million people on the State Pension receive another huge pay rise in the annual uprating next April. However, under the Triple Lock, wages growth is the current frontrunner for providing the deciding uprating measure after it rocketed to 7.8 per cent for the period between April to June. The next period - July to August - provides the measure that is used to calculate the Triple Lock.
Helen Morrissey, head of retirement analysis at Hargreaves Lansdown, said: “This month’s average wage figure is the one to keep an eye out for and we then have to wait until the September inflation figure is published in October before we know what the State Pension under the Triple Lock will be. New figures published this week by the Department for Work and Pensions show that at the end of February the number of people receiving the State Pension rose by 140,000 to 12.6million, this includes 3.2m now claiming the New State Pension.
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