The earnings growth measure of the Triple Lock is currently the highest factor of the uprating policy.
Some 9.7 million people on the Basic State Pension could see weekly payments rise by up to £40 each month from next April, under the Triple Lock policy. Both the Conservatives and Labour Party have pledged to maintain the Triple Lock for the duration of the next parliament, if they win the General Election on July 4.
If the earnings growth measure for May to July - which is due to be published by the ONS on August 13 - remains at 5.9 per cent , it will almost certainly be the determining factor for the State Pension uprating in April 2025. Remember, these figures are estimated calculations based on the current figures. It's also important to be aware that additional State Pension payments and deferred State Pensions rise each year under the CPI for September. The UK Government typically confirms the annual uprating during the Autumn Statement in November.
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