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<p>The triple lock is this Government’s commitment to increase the new and basic State
Pensions annually in line with the highest of the increase in prices, the growth in
average earnings, or 2.5%.</p><p> </p><p>Accordingly, the Secretary of State has decided
that – subject to Parliamentary approval – for the financial year 2024/25, the new
and basic State Pensions, along with the Standard Minimum Guarantee in Pension Credit,
will increase by 8.5%, in line with the growth in average earnings. Working-age and
extra-costs disability benefit rates will – also subject to Parliamentary approval
– increase by 6.7%, in line with the increase in prices and in accordance with the
provisions of the Social Security Administration Act 1992.</p><p> </p><p>Using 8.5%
instead of 6.7% for these benefits would potentially add approximately £2.3bn to the
cost of the social security system in that year.</p>
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