More than 16,000 people have signed an online petition calling for State Pension to match the National Living Wage.
Proposals in an online petition calling for State Pension to be paid to all people in retirement at the same rate as the National Living Wage is now due an official response from the UK Government after passing the 10,000 signature threshold. The proposal would see some 12.6 million pensioners receive £364.70 each week - equivalent to just under £19,000 a year.
The petition states: "The majority of pensioners have worked and contributed to society for decades, but the State Pension falls well below the income of someone working full-time at the National Living Wage. We want the Government to increase the State Pension to equal 35 hours a week at the living wage for 23 and over.”
The full Basic State Pension is worth £156.20 each week, some £624.80 every four-week period and over £8,122 over the coming year. The Bank of England’s latest CPI inflation rate forecast for September is 7%, which would boost the full New State Pension from £10,600 to £11,342 from April 2024. The latest expenditure figures from the DWP show that the State Pension cost the UK Government an estimated £112.5 billion to deliver in 2022/23 and is forecast to rise to £139.5bn in 2027/28, in real terms. However, in nominal terms the estimated increase is more - from £109.7bn to £147.2bn.
Latest State Pension News He explained: “Both Conservatives and Labour have pledged a commitment to the Triple Lock in their manifestos for the upcoming general election. And the policy of the current UK Government is to keep the personal allowance frozen until at least 2027/28 at £12,570, with no indication of an alternative policy from Labour.
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