It should be good news for claimants
State Pension rates are set to increase as the 'triple lock' has now been reinstated. Claimants are expected to see a boost in their income when the payment is reviewed.
The Echo reports a 'triple lock' guarantees pensions will increase by the highest amount of inflation. The increase is according to the Consumer Price Index in September, average wage increases, or 2.5 per cent.The removal of furlough following the pandemic created an abnormal wage increase which saw the 'triple lock' scrapped. But, come the next review, those payments are expected to be significantly higher.
When will the State Pension increase? The updated payments for the State Pension will come into effect from April 2023. This is also when payments change for all benefits paid by the Department for Work and Pensions . For those being paid every four weeks, payments would rise from £740.60 to around £814.80. Claimants of the old basic State Pension would go from £141.85 per week to around £156.05, or £567.40 to around £624.20 if paid every four weeks.
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