People on New and Basic State Pension set for huge pay rise next year under Triple Lock
dailyrecord.co.ukThe Triple Lock will determine the level of uprating to be applied to the State Pension for the 2024/25 financial year and pays the highest between September’s Consumer Price Index (CPI) inflation rate, earnings growth, or 2.5 per cent.
All eyes have been focused on the CPI inflation rate as being the most-likely driving factor behind the April 2024 uprating - it was 6.8 per cent for the 12-months leading up to August.
However, from April to June 2023, annual growth in employees’ average total pay (including bonuses) was 8.2 per cent - this total growth rate is affected by the NHS one-off bonus payments made in June 2023.
The earnings growth figure used for the Triple Lock is based on the year-on-year increase for the period May to July, which is published mid-September.
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