Basic and New State Pension payments will be boosted 10.1 per cent next year after weeks of uncertainty for almost 12.5 million older people across the UK. The Department for Work and Pensions (DWP) had previously declined to commit to whether the Triple Lock rule would return for the 2023/24 financial year after it was temporarily paused.
As reported by the Daily Record, now Chancellor Jeremy Hunt has confirmed State Pensions, disability and working age benefits would increase in line with the September Consumer Price Index (CPI) inflation rate of 10.1 per cent in his recent Autumn Statement. The rise will be implemented from April 10, 2023.
By honouring the State Pension Triple Lock it means those on the full New State Pension will see payments increase from £185.15 per week to £203.85 and those on the Basic State Pension will see weekly payments rise from £141.85 per week to £156.20. People receiving State Pension can choose to be paid either weekly or every four weeks - not to be confused with being paid monthly as the DWP makes 13, four-weekly payments each year over a 52-week period, which can result in two payments being made in the same calendar month.
