Earnings growth fell last month which could have a significant impact on the annual State Pension uprating. New figures published by the Office for National Statistics (ONS) on Tuesday show that average regular earnings growth dropped to 4.5 per cent (including bonuses) in the three months to June.
This is down from 5.7 per cent last month and is the result of a one-off bonus paid to NHS staff last June. This is an important figure for 12.
7 million State Pensioners across Great Britain to be aware of as it looks set to be the driving measure for the annual April uprating, under the Triple Lock policy. However, it’s important to be aware that the earnings growth figure used for the Triple Lock is for the period between May to July and that won’t be published by the ONS until September. Under the Triple Lock the New and Basic State Pensions increase each year in-line with whichever is the highest between the average annual earnings growth from May to July, CPI in the year to September, or 2.
5 per cent. The latest earnings growth figures could see the full New State Pension rise by nearly £10 per week from £221.20 to £231.
15, and as the payment is usually made every four weeks this amounts to £ 924.60. Similarly, the full Basic State Pension could rise by £7.
60 per week from £169.50 to £177.15, or £ 708.
60 every four-week payment period. Given that inflation is currently 2.0 per cent, pension experts agree that it is likely that wage data will be used for the uplift.
.