The Labour Government has pledged to keep the annual uprating measure in its current format for the next five years.
Under the pension triple lock policy, approximately 9.7 million individuals on the Basic State Pension could see their weekly payments increase by up to £40 each month from April next year, forecasts predict. The new Labour Government has committed to maintaining the annual uprating measure in its current form for the coming five years.
Currently, this is the lowest measure of the triple lock, while earnings growth is the highest - making it the one to monitor. Regular earnings saw an annual growth of 6.0 per cent from February to April 2024, while the annual growth in employees' average total earnings was 5.9 per cent, reports the Daily Record.If the earnings growth measure for May to July - set to be published by the ONS on August 13 - remains at 5.
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