Recent data released by the UK’s labor market statistics showed that total pay, including bonuses, rose by 4% in the May-July quarter. This increase is expected to trigger a 4% rise in the new state pension under the UK’s triple-lock system. As a result, pensioners on the new state pension may see their weekly amount increase from £221.20 to £230, an additional £9 per week from next April. On an annual basis, this would raise the state pension from £11,502.40 to £11,962 per year.
Despite concerns about the long-term sustainability of the triple-lock system, the government has committed to retaining it, ensuring that the state pension rises each year by the highest of average wages, inflation,
[ad_2]
Source link
