New calls for ‘living’ State Pension payments of £364 every week to match National Minimum Wage
19.07.2023 - 10:09
/ dailyrecord.co.uk
A new online petition is calling on the UK Government to create a ‘living’ State Pension paid to people in retirement at the same rate as the National Living Wage for those aged over 23. The proposal would see some 12.6 million pensioners receive £343 each week, or just under £19,000 each year.
Joseph Coyle has created and posted the petition on the official petitions-parliament website and states: “The majority of pensioners have worked and contributed to society for decades, but the State Pension falls well below the income of someone working full-time at the National Living Wage. We want the Government to increase the State Pension to equal 35 hours a week at the living wage for 23 and over.”
He goes on to say: “Surely, a 'living' pension should, at the very least, be equal to full-time work on the minimum wage. Please respect those in society who have contributed, and treat them equitably for what they have contributed to our society.”
Following a bumper annual uprating of 10.1 per cent in April, the full New State Pension is worth £203.85 each week, or £815.40 every four-week pay period, and £10,600 over the 2023/24 financial year.
The full Basic State Pension is worth £156.20 each week, some £624.80 every four-week period and over £8,122 over the coming year.
The 2023/24 National Minimum Wage rate for those aged 23 and over is £10.42 per hour, which works out at £364.70 for a 35-hour working week. This would be an annual salary (before tax and NI deductions) of £18,964.
The petition is open until October 6, 2023. If the proposal receives 10,000 signatures, the UK Government will respond - view it online here.
Both the Conservatives and Labour recently committed to honouring the Triple Lock guarantee on State Pensions