The triple lock is this Government\u2019s 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>
Accordingly, the Secretary of State has decided that \u2013 subject to Parliamentary approval \u2013 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 \u2013 also subject to Parliamentary approval \u2013 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>
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>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/3926", "label" : {"_value" : "Biography information for Paul Maynard"} } , "answeringMemberConstituency" : {"_value" : "Blackpool North and Cleveleys"} , "answeringMemberPrinted" : {"_value" : "Paul Maynard"} , "dateOfAnswer" : {"_value" : "2023-12-05", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2023-12-05T11:26:03.977Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "29"} , "answeringDeptShortName" : {"_value" : "Work and Pensions"} , "answeringDeptSortName" : {"_value" : "Work and Pensions"} , "date" : {"_value" : "2023-11-29", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Social Security Benefits"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask the Secretary of State for Work and Pensions, if he will make an estimate of the potential cost to the public purse of applying the triple lock to the uprating of social security benefits in financial year 2024-25.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/178", "label" : {"_value" : "Biography information for John McDonnell"} } , "tablingMemberConstituency" : {"_value" : "Hayes and Harlington"} , "tablingMemberPrinted" : [{"_value" : "John McDonnell"} ], "uin" : "4330"} ], "itemsPerPage" : 10, "page" : 0, "startIndex" : 1, "totalResults" : 1, "type" : ["http://purl.org/linked-data/api/vocab#ListEndpoint", "http://purl.org/linked-data/api/vocab#Page"]} }