The government is under increasing pressure to scrap the state pension triple lock due to rising costs.<\/p>\n\n\n\n
The key Conservative manifesto pledge is to increase the state pension every April by the highest of the previous September’s inflation, wage growth, or 2.5 percent.<\/p>\n\n\n\n
From April, new weekly state pension payments will be \u00a3203.85, or \u00a310,600.20 per year.<\/p>\n\n\n\n
Those who reached the state pension age before 2016 will see their basic state pension increase to \u00a3156.20 per week, or \u00a38,122.40 per year.<\/p>\n\n\n\n
According to the Institute for Fiscal Studies, the policy has sparked a growing debate about the cost, which is expected to cost the government an additional \u00a311 billion next year.<\/p>\n\n\n\n
And now, Angus Hanton of the Intergenerational Foundation has suggested that the policy could be scrapped before the next election.<\/p>\n\n\n\n
He stated that with an election coming up in early 2024 or early 2025, policy changes could be announced sooner rather than later to avoid the voting period.<\/p>\n\n\n\n
Mr. Hanton went on to say that the state pension should be targeted toward vulnerable, low-income retirees.<\/p>\n\n\n\n
He said: \u201cIt seems wrong that the state pension goes to older, wealthier people. This generation is made up of ex-private sector workers who have enjoyed generous defined benefit pensions, and ex-civil servants who have enjoyed much more lavish pensions than expected.<\/p>\n\n\n\n
\u201cIt is deeply unfair that younger, working people are expected to fund this older generation\u2019s state pension on top of that.\u201d<\/p>\n\n","protected":false},"excerpt":{"rendered":"
The government is under increasing pressure to scrap the state pension triple lock due to rising costs. The key Conservative manifesto pledge is to increase the state pension every April … <\/p>\n