New and Basic State Pension weekly pay rates from April could be set out this week
dailyrecord.co.ukThe September Consumer Price Index (CPI) inflation rate will be announced on Wednesday, October 18 and forms part of the Triple Lock policy which is used for the annual State Pension uprating.
Under the Triple Lock, the State Pension increases each year in line with whichever of these three measures are the highest - average annual earnings growth from May to July (currently 8.5%), CPI inflation in the year to September (currently 6.7%) or 2.5 per cent.
As it stands, wages growth at 8.5 per cent (including employee bonuses) or even without employee bonuses (7.8%) looks like a “dead cert” to be the uprating factor next year, according to Becky O’Connor, Director of Public Affairs at PensionBee.
O’Connor said: “For pensioners, it looks almost a dead cert that the State Pension is set to rise in line with earnings rather than inflation next April, as the Triple Lock dictates that it increases with whichever is the highest of earnings, inflation or 2.5 per cent.
Read more on dailyrecord.co.uk