Both Labour and the Conservatives made pledges in their manifestos aimed at state pensioners in the run up to the election
State pensioners are set to receive a boost of over £680 in the months following the General Election. Both Labour and the Conservatives had made pledges aimed at state pensioners in their manifestos during the election campaign.
This means that, if the promise is upheld, the government will distribute around £689 to state pensioners in the next financial year, unless there are significant economic shifts between now and August when the final calculation is made. The Triple Lock ensures that state pensioners, whether on the basic state pension or the new state pension, receive a guaranteed increase each year.The state pension must rise by either wage growth, Consumer Price Index inflation or 2.
The Consumer Prices Index remaining at 6.7 per cent could have significant implications for millions of pensioners as it is a key component of the Triple Lock, which determines the annual increase in state pensions. Both the basic and new state pensions will rise by at least 2.5 percent, or whichever is higher between the annual wage growth from May to July or the CPI inflation rate year on year to September.
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