Millions of older people will receive an inflation-busting State Pension increase in 2024.
Under the triple lock, the State Pension usually rises each April by inflation, wages or 2.5% – whichever is higher. Office for National Statistics (ONS) figures released on Wednesday showed that Consumer Prices Index (CPI) inflation was at 6.7% in September.
But wages have been rising at a higher rate, and the Chancellor confirmed in his Autumn Statement on Wednesday (November 22) that this figure of 8.5% will be used in the pension rise formula for 2024.
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The current full State Pension is £203.85 per week, or £10,600.20 each year. An 8.5% increase will see payments boosted by just over £900 across twelve months. People will now get £221.20 a week from April 2024.
A Department for Work and Pensions spokesperson previously said: “The Government is committed to the triple lock. As is the usual process, the Secretary of State will conduct his statutory annual review of benefits and state pensions using the most recent data available.”
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