Wage Growth Currently Leads the Triple Lock Calculation<\/strong><\/h2>\n\n\n\nThe triple lock determines how much the Department for Work and Pensions increases State Pension payments each year. On the figures reported so far, average wage growth is the measure most likely to determine the next increase.<\/p>\n\n\n\n
According to BirminghamLive, a 3.9% increase <\/strong>would add \u00a37.20 a week to the full basic State Pension, taking the payment to \u00a3192.10. Over a year, that represents an additional \u00a3374 for somebody receiving the full amount. People receiving the full new State Pension would see a larger weekly increase. Their payment would rise by \u00a39.40, from the current \u00a3241.30 a week to \u00a3250.70.<\/p>\n\n\n\nHelen Morrissey<\/strong>, head of retirement analysis at Hargreaves Lansdown, said Office for National Statistics figures showed average wage growth at 3.9%. She noted that the relevant inflation figure had yet to be published, while inflation currently stood at 2.9%.<\/p>\n\n\n\n\u201cWe may have just over a month to wait until the relevant inflation figure is published, but it currently stands at 2.9%, so unless there\u2019s a real surge it seems likely that the average wage figure will be used<\/em>,\u201d Morrissey said.<\/p>\n\n\n\n
Helen Morrissey<\/strong>, head of retirement analysis at Hargreaves Lansdown, said Office for National Statistics figures showed average wage growth at 3.9%. She noted that the relevant inflation figure had yet to be published, while inflation currently stood at 2.9%.<\/p>\n\n\n\n \u201cWe may have just over a month to wait until the relevant inflation figure is published, but it currently stands at 2.9%, so unless there\u2019s a real surge it seems likely that the average wage figure will be used<\/em>,\u201d Morrissey said.<\/p>\n\n\n\n
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