The payment is increased by the higher of the 2.5% September inflation rate or the total average weekly wages.
This implies that the pension payment will increase to £230.05 per week from the current £221.20 per week. Pensioners will receive an additional £8.85 per week starting in April when the payout increases, which equates to a top-up of £460 annually.
Pensioners received an 8.5% increase last year.
The government is under pressure to enhance pensions this year after eliminating the winter fuel subsidy for the majority of retirees. For some, the £200 or £300 annual increase in pension payouts more than doubles their allowance.
According to the ONS, part of the growth may be attributable to salary increases in the public sector.
According to Liz McKeown, head of economic statistics at the ONS, “growth in total pay slowed markedly again as one-off payments made to many public sector workers in June and July last year continue to affect the figures.”
Data on unemployment, which decreased to 4.1% from 4.2%, was also made public on Tuesday. However, the ONS reported that at the same time, employment declined in every industry.
