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UK Pensions to surge by 10pc as workers told to accept a pay cut


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Posted (edited)

The state pension and benefits are set to rise in line with double-digit inflation, despite the Government telling workers to accept a real terms pay cut.

The Treasury on Tuesday confirmed that the pension “triple lock” will be reinstated after it was put on pause during the pandemic, taking the annual payout for retirees beyond £10,000 for the first time.

Around six million people will also see their benefits rise in line with inflation. The two decisions will cost taxpayers as much as £20bn.

However, Downing Street has insisted that the working population should accept pay rises below inflation, which is expected to hit 11pc this year.

But Number 10 figures struggled to explain why allowing pay to rise in line with prices would be inflationary if letting the state pension and benefits do so is not.

Pensions to surge by 10pc as workers told to accept a pay cut (archive.ph)

Edited by The Silver Shroud
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Posted (edited)

Rich pensioners should return a £1,000 state pension hike if they don't need it, a minister said today amid a row over plans to up the payment while telling workers to cool pay rise demands.

Work and Pensions Secretary Therese Coffey defended plans to spend billions on a double-digit boost for retirees next year after the Treasury vowed to reinstate its 'triple lock' pledge.

The bumper rise could amount to nearly £1,000 a year extra at the same time that ministers are insisting that public sector workers like train staff, teachers and nurses temper their requests, to cool rampant inflation.

Boris Johnson under pressure over 'bonkers' £1,000-a-year state pension increase | Daily Mail Online

Edited by The Silver Shroud
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