The pensions triple lock could be scrapped in the near future as the government looks to recoup the hundreds of billions of pounds it has spent on lockdown. On the advice of Gov FT advisers.
That is according to a Treasury document dated May 5, seen by the Telegraph, chancellor Rishi Sunak has been advised by Government Financial Advisers to break one of the Conservatives’ manifesto pledges and scrap the pension triple lock on state pension rises.
Under current rules, the state pension is increased by the triple lock which is the highest of earnings growth, price inflation or 2.5 per cent a year.
At present in the UK the latest stats available highlight that:
Average Pensioners income is £138.80 Pw with no company pension.
Presently the UK full state pension is set at £175.20 per week
Whilst on the wage front the average weekly wage in London is over £700: pw.
Across the whole of the UK the average wage was £585 at April 2019 the lowest income region being £421.pw.
The Present UK living wage based on @35hr week is £305.20 which DWP believes is the minimum you need to live when working.
Where as a UK Pensioners average income is £138.80. If you have no company pension.
The present UK full state pension is £175.20 per week. Only a small % of females over 70 are on a full pension,
No account has been taken of pension credit for contributions of savings towards a company pension, prior to 1974 few Manual workers were able to contribute to a company pension.
Should we now be considering what the Minimum UK Basic State Pension should be to ensure its adequate to provide funding a healthy and warm standard of living in late life?
Your views please?
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