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DWP confirms how much your weekly state pension payments will be from next year | Personal Finance | Finance
Millions of state pensioners receiving the new and old payments are in for a significant cash boost yet again as Chancellor Jeremy Hunt confirmed the triple lock will be reinstated in his Autumn Statment last month.
Recent figures show that average earnings have increased by 8.5 percent this year, whereas inflation has come down to 6.7 percent.
Under the Triple Lock, the state pension rises each year in line with inflation, earnings or 2.5 percent – whichever is higher.
So, going by the triple lock, the state pension would be due to increase by 8.5 percent at the start of the next tax year – April 6, 2024.
This means that someone on the full new state pension will see payments go up from £203.85 per week to £221.20.
The state pension is typically paid every four weeks, meaning claimants could get up 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.
Over the 2024/25 financial year, this is an increase of £692, taking the annual income from £8,122 to £8,814.
Mel Stride MP, secretary of state for work and pensions, confirmed after the Autumn Statement that the new payment rates for state pensions and benefits will come into effect on April 8, 2024.
He also confirmed that working age and disability benefits will increase by the September CPI rate of 6.7 percent. Tax Credits, Child Benefit and Guardian’s Allowance – delivered by HM Revenue and Customs (HMRC) – will also rise by 6.7 percent.
Patrick Thomson, head of research and policy at Phoenix Insights explained that state pensioners will welcome the news that the government has committed to maintaining the triple lock without adjustments.
Being such a vital policy – which ensures retirees’ income has kept pace with rising prices or increases in the working population’s wages – many will be relieved there were no changes.
However, some experts explain that tinkering with the triple lock measure will be something the government would have been loathed to do given it will upset the Conservative party’s core voters.
Jon Greer, head of retirement policy at Quilter said: “There is a growing problem with the state pension and it’s unfortunate but not unsurprising that this government have not opted to make long-term but potentially unpopular decisions about reforming how our state pension is uprated.
“The potential reform of how the state pension is calculated requires a delicate balance between protecting the income of retirees and ensuring the long-term sustainability of the pension system. The triple lock system can be financially unpredictable and may not be sustainable in the long run.”
Mr Greer suggested a more sustainable approach such as linking pensions to a fixed percentage of average earnings. This method would align pension increases with the economic prosperity of the country, ensuring that pensioners’ incomes grow in tandem with the working population.
The current annual full new state pension is £10,600
- Weekly: £203.85
- Every four-week pay period: £815.40
The 8.5 percent increase in April 2024 will take the total to £11,502 (up £902)
- Weekly: £221.20
- Every four-week pay period: £884.80
The current annual full basic state pension is £8,122
- Weekly: £156.20
- Every four-week pay period: £624.80
The 8.5 percent increase in April 2024 will take the total to £8,814 (up £692)
- Weekly: £169.50
- Every four-week pay period: £678.00
The amount of state pension once receives depends on the amount of National Insurance contributions one has.
For more details and information, Britons can visit the Government website.
Mumbai:
The Indian equity benchmark indices opened higher on Friday amid positive global cues, as buying was seen in the IT, pharma and auto sectors in the early trade.
At around 9.27 am, Sensex was trading 265.3 points or 0.33 per cent up at 80,066.81 while the Nifty added 89.85 points or 0.37 per cent at 24,336.55.
Nifty Bank was down 222.85 points or 0.40 per cent at 54,978.55. The Nifty Midcap 100 index was trading at 54,980.80 after increasing 10.95 points or 0.02 per cent. Nifty Smallcap 100 index was at 16,903.30 after declining 60.20 points or 0.35 per cent.
According to market watchers, “after a positive opening, Nifty can find support at 24,200 followed by 24,100 and 24,000. On the higher side, 24,500 can be an immediate resistance, followed by 24,600 and 24,700.
“The charts of Bank Nifty indicate that it may get support at 55,000 followed by 54,700 and 54,500. If the index advances further, 55,500 would be the initial key resistance, followed by 55,800 and 56,200,” said Hardik Matalia, Derivative Analyst of Choice Broking.
Meanwhile, in the Sensex pack, TCS, Tata Steel, Maruti Suzuki, Eternal, ICICI Bank, SBI, HDFC Bank, Infosys, M&M and Tata Motors were the top gainers. Whereas, Axis Bank, Tech Mahindra, Nestle India and IndusInd Bank were the top losers.
In the last trading session, Dow Jones in the US added 1.23 per cent to close at 40,093.40. The S&P 500 climbed 2.03 per cent to 5,484.77 and the Nasdaq added 2.74 per cent to close at 17,166.04.
In the Asian markets, Jakarta, Bangkok, Seoul, Hong Kong, China and Japan were trading in green.
According to analysts, US markets extended their rally on Thursday as investors snapped up hard-hit technology stocks, helping boost the S&P 500 out of correction territory.
The foreign institutional investors (FIIs) bought equities worth Rs 8,250.53 crore on April 24. However, domestic institutional investors (DIIs) sold equities of Rs 534.54 crore on the same day.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
Mumbai:
Indian equity markets are trading in the red as tensions soar between India and Pakistan over the Pahalgam terror attack in Kashmir. Sensex, the 30-share BSE benchmark, has crashed over 1,000 points and is now trading below the 79,000-mark. Nifty, the NSE index of 50 shares, fell below 24,000 points.
The markets went up in early trade, driven by a global rally and fund inflows, but the momentum got lost thereafter, and it gave up the initial gains.
The markets are also upset by unimpressive March quarter earnings by Axis Bank, the third-largest private sector bank of the country. The bank’s shares have fallen 4.65% after reporting a decline in quarterly profit from Rs 7,130 crore in the year-ago period to Rs 7,117 crore.
Besides Axis Bank, major laggards include Bajaj Finance, Bajaj Finserv, Tata Motors, and Tech Mahindra. On the gaining side are TCS, Infosys, Reliance, HCL Tech, HDFC Bank, and ICICI Bank.
At least 26 civilians were massacred by terrorists in a tourist hotspot known as ‘Mini Switzerland’, leading to both countries pulling out their diplomatic staff and suspending visas issued to the other nation’s citizens. (Follow live updates here)
The latest flare-up at the Line of Control was speculative firing by Pakistani troops, which is being seen as an attempt to provoke the Indian side. Indian troops retaliated effectively against the firing from multiple Pakistani posts.
As Indian equities braced for the impact, global equities, including the Asian markets, were charting in the positive territory. South Korea’s Kospi index, Tokyo’s Nikkei 225, Hong Kong’s Hang Seng, and Shanghai SSE Composite were all in green.
Similar trends were seen in US equities, too. Last evening, Nasdaq Composite closed 2.74 per cent higher. S&P 500 jumped over 2 per cent and Dow Jones Industrial Average surged 1.23 per cent.
Mumbai:
Equity benchmark indices Sensex and Nifty declined in early trade on Thursday amid profit-taking after a seven-day rally and muted trend in Asian markets.
The 30-share BSE benchmark declined 242.01 points to 79,874.48 in early trade. The NSE Nifty went down by 72.3 points to 24,256.65.
In the past seven trading days, the BSE benchmark gauge zoomed 6,269.34 points or 8.48 per cent and the Nifty jumped 1,929.8 points or 8.61 per cent.
From the Sensex firms, Eternal, Bharti Airtel, ICICI Bank, Mahindra & Mahindra, HCL Technologies, Reliance Industries, and HDFC Bank were among the laggards.
IndusInd Bank, Tech Mahindra, Nestle, Bajaj Finance, Axis Bank, and Tata Motors were among the gainers.
In Asian markets, South Korea’s Kospi index, Shanghai SSE Composite, and Hong Kong’s Hang Seng were trading lower while Tokyo’s Nikkei 225 quoted in the positive territory.
US markets ended sharply higher on Wednesday. Nasdaq Composite jumped 2.50 per cent, S&P 500 surged 1.67 per cent and Dow Jones Industrial Average climbed 1.07 per cent.
Global oil benchmark Brent crude climbed 0.12 per cent to USD 66.20 a barrel.
Foreign Institutional Investors (FIIs) bought equities worth Rs 3,332.93 crore on Wednesday, according to exchange data.
The BSE benchmark jumped 520.90 points or 0.65 per cent to settle at 80,116.49, the highest closing level since December 18, on Wednesday. The Nifty rallied 161.70 points or 0.67 per cent to 24,328.95.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
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