Chancellor Jeremy Hunt has confirmed that State Pension payments for older people will increase by 8.5% from April 8, 2024. This will result in higher weekly payments for pensioners, although the full amount will not be reflected in their payments until four weeks after the increase date.
Millions of older people in receipt of the New or Basic State Pension are set for another significant increase this year after Chancellor Jeremy Hunt confirmed that payments will rise by 8.5 per cent from April 8, 2024. This means that someone on the full New State Pension will see payments go up from £203.85 per week to £221.20 and as payments are typically made every four weeks, this amounts to £884.80 each pay period.
Over the 2024/25 financial year, this is an increase of £902, taking the annual income from State Pension alone from £10,600 to £11,502. Similarly, someone on the full rate of the Old or Basic State Pension will see payments go up from £156.20 per week to £169.50 - this amounts to £678 each pay period. During the 2024/25 financial year, this is an increase of £692, taking the annual income from £8,122 to £8,814. It's important to note that even though weekly rates will rise, pensioners will not see the full amount reflected in their payments until four weeks after the increase date as the State Pension is paid in arrears
State Pension Older People Increase Payments Chancellor Jeremy Hunt
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