There could be a substantial rise of 8.5 per cent
The Department for Work and Pensions is looking at ways to reduce State Pension costs. Figures released for pay growth - which will be used to determine the increase coming into effect next April - suggest a substantial pension rise of 8.5 per cent, Birmingham Live reports.
Asked about potential pension rises, he told BBC Radio 4's World At One: "There clearly is a difference if you take into account the non-consolidated elements of pay in recent times, but these are all decisions that I have to take with the Chancellor as part of a very clear process, a statutory process actually, that I go through in the autumn. So I didn't want to get into the weeds of exactly how I'm going to go about that.
But while Mr Stride stressed that the triple lock remained in place, he acknowledged that in the long-term it was "not sustainable." Prime Minister Rishi Sunak recently declined to say if the policy would feature in his party's manifesto at the General Election expected next year.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
DWP urged to amend State Pension uprating rules for people living outside the UKSome 480,000 British expats living abroad will not receive the State Pension uprating next April.
Read more »
New State Pension payments from next April could see more older people pay taxState Pension is on track for another bumper boost under the Triple Lock.
Read more »
New and Basic State Pension weekly pay rates from next April under Triple LockSpeculation is mounting that the lower wages growth figure of 7.8% will be used for the State Pension uprating next April.
Read more »
New calls for State Pension cross-party review to agree later-life incomeMore than two million older people are living in poverty and rely on the State Pension.
Read more »
Couples would need £400k savings to match state pensionThe state pension is currently protected by a triple lock policy – which means it rises in line with the highest of the rate of inflation, average earnings growth or 2.5 per cent - but its future is in doubt
Read more »