From next year, the State Pension is expected to rise. The welcome news comes in the midst of rising inflation and a cost of living crisis.
A huge increase of up to £1,000 is expected, reported Birmingham Live. While pensioners this year saw only a 3.1 per cent boost in their payments after normal rules were set aside, a bumper increase is on the cards for 2023-2024.
Pension rises are normally based on a triple lock that sees them go up by whichever is the highest of inflation, average wage increases or 2.5 per cent. But with the jump in wages at the end of furlough, this would have been the overriding factor of the three and led to pensions going up by 8 per cent this year.
