Government looking to increase the State Pension next year

SHARE:

Work and Pensions Secretary, Thérèse Coffey, has introduced a technical Bill in the House of Commons that will give the Government the ability to increase the State Pension next year.

Under current legislation, the State Pension can only be increased if there has been a rise in average earnings in the relevant period of the preceding year.

Due to the challenging economic circumstances, average earnings are expected to show no growth in that period. This Bill makes technical changes which allow ministers to deliver on their commitment to the Pensions Triple Lock next year, even if there is no growth in earnings in the relevant period, ensuring that State Pensions can still be up-rated.

Commenting on the Bill, Thérèse Coffey said:

"The Government has worked hard to protect all age groups during the pandemic, strengthening the welfare safety net, introducing furlough and income protection schemes, as well as supporting those who have lost their jobs back into work.

"It is only right, then, that we also ensure pensioners can see their incomes protected as we build back better.

"In these difficult times, I want to give pensioners peace of mind about their financial health." 

Previous Governments have taken the same approach in similar challenging economic circumstances - for example, in the Welfare Reform Act 2009.

In accordance with the usual process, the Work and Pensions Secretary will undertake a review of social security rates shortly, and will report to Parliament on the outcome of the review in November 2020.

Since 2011, the Triple Lock has ensured that the State Pension is uprated by the highest of earnings growth, price inflation or 2.5%.

COMMENTS

$show=post

$show=404

[/fa-rss/ FEATURED]_$type=three$author=hide$cm=0$ct=0$va=0$hide=home

$show=post

[/fa-arrow-alt-circle-down/ READ ALL ABOUT IT:]_$type=one$m=0$c=1$cm=0$l=0$va=0$hide=home$sr=random

$type=three$m=0$l=0$c=6$cm=0$hide=home$source=random

Name

Book,1,Cleator Moor History,45,Cleator Moor News,134,Copeland Borough Council,98,Cumbria News,1806,Featured,78,News,2645,Photography,23,Photos For Sale,9,Photos Of Cleator Moor,9,Photos of Cumbria,14,UK News,297,Walking Routes,3,West Cumbria News,423,Your MP,56,
ltr
item
Cleator Moor | Cumbria: Little Ireland: Government looking to increase the State Pension next year
Government looking to increase the State Pension next year
https://lh3.googleusercontent.com/-Ib8oDl4tUxY/X3XpF7AAmRI/AAAAAAAAcnI/gpLFRsksY_4RrJGK9qhBjdfBhvB9h2-LgCLcBGAsYHQ/s1600/1601562903052654-0.png
https://lh3.googleusercontent.com/-Ib8oDl4tUxY/X3XpF7AAmRI/AAAAAAAAcnI/gpLFRsksY_4RrJGK9qhBjdfBhvB9h2-LgCLcBGAsYHQ/s72-c/1601562903052654-0.png
Cleator Moor | Cumbria: Little Ireland
https://www.littleireland.co.uk/2020/10/government-looking-to-increase-state.html
https://www.littleireland.co.uk/
https://www.littleireland.co.uk/
https://www.littleireland.co.uk/2020/10/government-looking-to-increase-state.html
true
4367044361856627147
UTF-8
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All SUGGESTED READING LITTLE IRELAND ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS PREMIUM CONTENT IS LOCKED STEP 1: Share to a social network STEP 2: Click the link on your social network Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy Table of Content