The Department for Work and Pensions is handing a fresh financial boost to everyone who gets a State Pension from April 1.
More than 1 million people will nab a bit more cash from the DWP to help pay for their ever growing day to day costs.
The Cost of Living Payments may have ended but there’s still more help coming for people who are eligible for one of the two types of State Pensions, the Government says.
Read More: DWP hands out £470 Universal Credit boost
Various benefits have been given an ‘uplift’ from April which will see more money dropping into bank accounts for the handouts and the government says that an uplift in State Pensions to counteract inflation will add about £310 a year back into people’s pockets.
Because that’s an average, some may get even more in their pension and some will get less than that figure.
The Secretary of State for Work and Pensions is required to review the level of benefits each year.
Inflation-linked benefits and tax credits will rise by a significant 6.7% from April 2024, in line with the Consumer Prices Index (CPI) rate of inflation in September 2023.
That is to ensure that the amount people take in their handouts maintains a similar spending power to enable them to live and support themselves during these times of high inflation.
From April, the Full Basic State Pension will also increase in line with the ‘triple lock’, from £156.20 per week to £169.50, an increase of £13.30.
The Full New State Pension rises by £17.35 from £203.85 to £221.20.
Speaking about the benefits boosts, the government said: “In 2024/25, around 5.5 million Universal Credit families are forecast to benefit from uprating with an average annual gain for a family on Universal Credit estimated to be £470 (equivalent to an increase of around £39 per month), however gains will vary depending on the elements received by different family types.
“Around 1.3 million pensioner households in receipt of Pension Credit will benefit from an average annual increase of £310 in their Pension Credit award.”
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