Thousands Of Britons are calling for the basic retirement state pension to be increased to PS380 per week for those 60 and over.
A petition has been launched on the Parliament website, saying the cash boost would lift thousands of pensioners out of poverty and would help grow the economy, the current basic state pension, of PS141.85 per week, while the full new state retirement pension is PS181.15 per week.
The petition states that the British state pension is too low. We ask the government to raise the basic state pension to PS19.760 per year (PS380 per week), and to extend it to all people 60 years of age or older.
“This will lift thousands from poverty and give our older people more purchasing power, which will help to grow the economy.
The Government should raise the age of state retirement pension for both men and women to 60. This is because people shouldn’t have to wait until they reach their late 60’s or 70’s to receive the state retirement pension. Many people work from an early age and their health deteriorates before they can claim the state retirement pension.
state pension age is currently 66, with plans being drawn up to raise the age to 67 and 68.
The petition had over 30,000 signatures from UK residents at the time of writing.
The petition has attracted more than 10,000 signatures and the government will need to respond.
It will be debated in Parliament if 100,000 people sign the petition.
The return of the triple lock policy could give pensioners a boost in their state pension payments.
This ensures that the retirement pension will increase in line with inflation, average earnings or 2.5 percent, depending on which is higher.
The inflation rate was 10.1% in July, and it is expected to continue rising. Pensioners could see a welcome increase in their payments starting next April.
Rishi Sunak, Liz Truss, and both Liz Truss, have expressed their desire to bring back the triple lock policy. It was discontinued last year with the pension rising by only 3.1 percent.
They have warned the policy may not be feasible for the new Prime Minister to implement.
Jon Greer, Quilter’s head of retirement policy, stated that Truss would struggle to balance the books in the face of rising inflation and her desire not to add taxes or reduce existing ones.
“This will ultimately make it difficult to predict how funding for the forthcoming social care reforms will be done. It may be necessary to sacrifice something.
“Pensioners across the country will hope that it doesn’t start with the Triple Lock.”
Express news was informed by Andrew Tully, Canada Life’s technical director, that while the triple lock is “sustainable for now”, it is uncertain what the future holds.
“An 11 percent increase in the cost of government spending would result in a total cost to the Government of approximately PS10billion for next year.
“It is worth noting that the state pensions of today’s retirees are paid out of the tax receipts today’s workers.
“The Government will need to do a difficult fiscal balance act to ensure that the state act pension is funded, while tax cuts are promised.”
