As the Government prepares to announce its decision on this year’s public sector pay award there are concerns ministers are not prepared to offer the recommended 6% increase ⬇️ ChaplainChloe explains how increases in the state pension compare
Crucially, this is not automatic. It is a political decision made by the work and pensions secretary, and the chancellor, and then voted on in the Commons. This means that benefits have not always increased in line with inflation – leading to a “real terms” fall in income for those who rely on welfare.
When it comes to the state pension, the Government has committed to the pension “triple lock”. This means the state pension will either increase by 2.5 per cent, in line with average wage growth or inflation – whichever is highest. The triple lock was suspended in 2022-23 due to distorted wage growth figures as a result of the Covid pandemic, pushing earnings up by more than 8 per cent. This year, the increase was instead pegged to inflation.
Finally, around half of the public sector pay awards are decided each year by ministers based on the recommendations of pay review bodies – which are given remits and budgets by the government.Because pensions either increase by the inflation , earnings or 2.5 per cent – whatever is highest – they have not fallen below inflation. On average over the past decade, the state pension has increased by
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