More than 12 million individuals are set to receive a state pension increase of up to £575 through the triple-lock guarantee. The Department for Work and Pensions has confirmed a 4.8% rise in line with average earnings growth for pensioners.
The new state pension rate will climb from £230.25 to £241.30 per week, while the full basic state pension will increase from £176.45 to £184.90 weekly. Work and Pensions Secretary, Pat McFadden, emphasized the government’s commitment to supporting pensioners, ensuring a dignified retirement for those who have dedicated their lives to work.
The state pension undergoes annual increases every April under the triple-lock guarantee, aligning with the highest figure among total earnings growth, CPI inflation, or 2.5%. The minimum guarantee in pension credit will also rise by 4.8% to £238 weekly for single pensioners and £363.25 per week for couples.
Amid rising global oil prices due to the Iran conflict impacting the UK economy, the government has frozen fuel duty until September. Other nations like Australia have taken steps to alleviate the burden on drivers. The move to maintain the triple-lock commitment aims to shield households from the effects of soaring living costs.
