Struggling State Pension claimants have been issued a seven month warning as the cost of living crisis continues to bite.
In April 2023, more than 12 million pensioners will gain around £1,000 each when compared with the same time last year, after inflation reached its highest level in 40 years and living standards dropped at their sharpest rate since post-war rationing.
At the moment, the full new State Pension is £185.15 per week, but is set to be pushed through to £200 should inflation remain high, as predicted. Pensioners regularly have their payments reviewed to keep up with the cost of living, this is due to the triple lock system.
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However, the triple lock was suspended last year which led to state pensioners getting a 3.1% increase this year - a pay cut in real terms. This has left many people struggling financially.
Helen Morrissey of Hargreaves Lansdown told the ECHO: “Inflation eased this month, but it still remains sky high and looks set to stay so for the foreseeable future. This means pensioners are in line for a significant pension boost next year as long as the government keeps its pledge to keep the triple lock.
"Yesterday’s wage data put average wage growth at 5.5% so pensioners are already in line for a record-breaking increase, albeit one that is well below inflation. If the link to CPI remains, then we could see pensioners on a full new state pension get more than £200 per week.
"Last year’s 3.1% increase was no match for soaring inflation and has left many pensioners struggling and so a more generous increase will be welcomed. However, any such increase will not kick in until April which feels a very long way away right now for those struggling to make ends meet."
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