Many Brits will be receiving their first paycheck of the new year in the coming days.
11.01.2024 - 06:09 / dailyrecord.co.uk
Millions of older people in receipt of the New or Basic State Pension are set for another significant increase this year after Chancellor Jeremy Hunt confirmed that payments will rise by 8.5 per cent from April 8, 2024. This means that someone on the full New State Pension will see payments go up from £203.85 per week to £221.20 and as payments are typically made every four weeks, this amounts 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. During the 2024/25 financial year, this is an increase of £692, taking the annual income from £8,122 to £8,814.
It's important to note that even though weekly rates will rise, pensioners will not see the full amount reflected in their payments until four weeks after the increase date as the State Pension is paid in arrears. Until a full payment cycle has passed, they will receive a blend of old and new payment rates.
The increase of 8.5 per cent is due to the earnings growth measure of the Triple Lock. Under the Triple Lock, the State Pension rises each year in line with inflation, earnings or 2.5 per cent - whichever is higher.
The measures that influenced the 2024/25 uprating areas follows:
The personal tax allowance threshold will remain frozen at £12,570 during the 2024/25 financial year, which means that older people with an income of more than £242 per week may have to pay income tax.
Over the 2024/25 financial year, the full New State Pension will be worth £11,502, leaving just £1,068 before the
Many Brits will be receiving their first paycheck of the new year in the coming days.
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