Stuart Anderson MP has welcomed the biggest-ever cash increase to the Basic State Pension. 12.5 million pensioners across the UK will receive an extra £870, as the State Pension and other benefits have risen this week by 10.1 per cent. The increase will benefit 15,098 pensioners across Wolverhampton South West and will be automatically applied to pensioners’ payments. Pensioners received a £300 Cost of Living Payment as part of their Winter Fuel Payment last year and will receive a further payment of £300 this winter, continuing direct support for those vulnerable to the effects of high inflation caused by Putin’s war in Ukraine.
It adds to wider support available to households across the country with the increased cost of living. The Government introduced the Energy Price Guarantee to keep bills as low as possible, giving all households across the UK certainty on energy prices. This Guarantee will help to keep household energy bills as low as possible meaning the typical household will pay £2,500 until the end of June this. Households in receipt of means tested benefits including Universal Credit and Pension Credit received £650 in Cost of Living Payments last year and will receive a further payment of £900 this year.
This month, millions of the lowest paid workers across the UK will receive a pay increase as the National Minimum Wage and National Living Wage rise comes into effect. The National Living Wage will see an increase of 9.7%, up to £10.42 for workers aged 23+, as well as an increase for younger workers on the National Minimum Wage. The uplift, worth £1,600 more for a full time worker, will put more money in the pockets of 2.9 million of the lowest-paid workers across the country.
Stuart Anderson MP said: “I welcome this inflation-busting increase in the Basic State Pension for 15,098 pensioners across Wolverhampton South West. It ensures that pensioners will not see their incomes devalued as the Government delivers on its five priorities, including halving inflation. Pensioners in Wolverhampton have been affected by high inflation as a result of Putin’s illegal war in Ukraine, so it is vital that we protect their incomes from these pressures.”
Pensions Minister, Laura Trott said: “The effect of rising prices has been particularly challenging for the most vulnerable pensioners many of whom live on fixed incomes. That is why the Conservative Government has delivered on our commitment to protect the Triple Lock, giving 12.5 million pensioners an inflationary increase in their pension payments of 10.1 per cent from April.”