People across the UK will see the biggest-ever boost to state pension payment on Easter Monday, but millions will miss out on getting the full amount. The State Pension has been given a 10.1 per cent increase after the triple lock was kept in place.
The triple lock determines annual rises by the largest of three factors: inflation, wage growth or 2.5% then whichever of the three is the highest. The UK inflation rate was 10.1% in January, much higher than wage growth, hence the 10.1% increase.
For those on the new State Pension, there will be an increase from £185.15 per week to £203.85 per week., reports BirminghamLive. As these payments are usually paid out every four weeks, people will see a new amount of £815.40 a month going into accounts.
