The State Pension in the UK is set to have a massive increase in rates.
It has been confirmed that next year payments could rise by as much as £1,000 to match soaring levels of inflation. It comes after pensioners only saw a 3.1% boost in payments this year, reported Birmingham Live.
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 now, a bumper increase is on the cards for 2023-2024, as 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% this year.
