Millions of pensioners will see their state pension rise next April, as economists warn the cost of the triple lock has become unsustainable.
The triple lock was introduced by David Cameron’s Conservative Government in the 2011/12 financial year. It means the state pension increases every year by the highest of inflation, average earnings growth or 2.5 per cent.
Earnings figures published this morning show wage growth of 3.9 per cent in the three months to July, and unless inflation rises sharply from its current rate of 2.9 per cent, it will be used to calculate the state pension increase from April.
If confirmed,
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