Monday, November 04, 2019

Pensions and benefits to rise

Pensions and benefits are set to rise at their fastest rate for eight years – as our strong economy allows us to end the benefit freeze.
  • Working-age benefits have remained at the same level since April 2015 as part of the Conservative Government’s drive to incentivise work and reduce the deficit, but we are now able to end the freeze.
     
  • This increase will benefit more than 10 million people – around 2.5 million people on Universal Credit will see their payments rise by 1.7 per cent, in line with inflation, as will millions of claimants of legacy benefits.
     
  • In April the full State Pension rate will increase by 3.9 per cent to £175.20 per week, meaning an extra £344 a year, thanks to high wage growth.

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