Older people in the UK will be among those to benefit from a boost to their bank accounts next month. As of Monday, April 10, state pension payments made by the Department for Work and Pensions (DWP) will see a 10.1% increase as benefits are raised in line with the September inflation figure.
The rise in payments is aimed at helping to mitigate the rising cost of living - as prices for everyday items such as food and fuel sky-rocket. It was a move announced by Chancellor Jeremy Hunt in his November budget and will cost the exchequer £11billion when combined with other benefit increases taking place at the same time.
The new state pension rate will increase from £185.15 a week to £203.85. This is for those who reached state pension age on or after April 6, 2016. For the old state pension, also called the basic state pension, the basic rate will rise from £141.85 to £156.18. Chronicle Live reports that people who are entitled to the old state pension may also be eligible for additional state pension payments, however, these are dependent on your earnings.
