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06-09-2022, 02:29 PM
Jessica Beard
Tue, 6 September 2022 at 1:00 pm
Liz Truss will come under major pressure to abandon the state pension “triple lock”, experts have warned, as the policy has been branded "unsustainably expensive".
More than £13.5bn will be added to the Government’s pensions bill next year and taxpayers will have to shoulder an extra £24bn over the next two years as large back-to-back increases are expected. Ms Truss, the incoming Prime Minister, has previously pledged to stand by the mechanism, which ensures the state pension rises by the highest of inflation, earnings growth or 2.5pc each year.
The state pension is on track to breach the £200 a week mark for the first time next April, with pensioners receiving a record boost as a result of runaway inflation.
......
Carl Emmerson, of research group the Institute of Fiscal Studies, said although there was a case for protecting pensioners in the short term, these large rises would make the triple lock too costly.
He said: “The triple lock is expensive over the long run and therefore will need to be ditched at some point.”
The state pension has been increased by more than the average earnings growth on eight occasions in the last 12 years.
https://sg.style.yahoo.com/liz-truss-und...00528.html
Tue, 6 September 2022 at 1:00 pm
Liz Truss will come under major pressure to abandon the state pension “triple lock”, experts have warned, as the policy has been branded "unsustainably expensive".
More than £13.5bn will be added to the Government’s pensions bill next year and taxpayers will have to shoulder an extra £24bn over the next two years as large back-to-back increases are expected. Ms Truss, the incoming Prime Minister, has previously pledged to stand by the mechanism, which ensures the state pension rises by the highest of inflation, earnings growth or 2.5pc each year.
The state pension is on track to breach the £200 a week mark for the first time next April, with pensioners receiving a record boost as a result of runaway inflation.
......
Carl Emmerson, of research group the Institute of Fiscal Studies, said although there was a case for protecting pensioners in the short term, these large rises would make the triple lock too costly.
He said: “The triple lock is expensive over the long run and therefore will need to be ditched at some point.”
The state pension has been increased by more than the average earnings growth on eight occasions in the last 12 years.
https://sg.style.yahoo.com/liz-truss-und...00528.html
