BREAKING NEWS
State Pension to Rise by 4.7% Next Year, Affecting Almost 13 Million People
The state pension is set to increase by 4.7% next year, according to the latest wages data from the Office for National Statistics (ONS). This means that people drawing their new state pension will see a rise of over £500 per year.
The triple lock policy, which guarantees an annual increase in the state pension, has been triggered by average earnings growth of 4.7% in the three months to July. This is the highest figure among inflation and average earnings growth.
For those who reached state pension age after April 2016, the new flat-rate state pension will rise from £239.35 per week to £241.05 per week, taking it to £12,534.60 per year. For those who reached state pension age before April 2016, the old basic state pension will increase from £177.15 per week to £184.75 per week, taking it to £9,607 per year.
The increase is expected to take effect in April next year, but exact details are still being confirmed by the government.
This is a developing story and we will provide further updates as more information becomes available.
*This is a developing story. Updates will be provided as more information becomes available. Based on reporting from Bbc.*
