Pensioners scream ‘Con of the Century!’ as the state pension triple lock scrap approaches.

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‘The con of the century!’ – Pensioners are outraged as the state pension triple lock is set to be scrapped.

PENSIONERS have been left dissatisfied after the state pension increase was thrown into the air.

This year’s decision to temporarily suspend the triple lock has sparked a lot of debate about the state pension.

Readers of this website used the comment section to express their dissatisfaction.

The triple lock, which was previously in place to help protect pensioners’ income, will not be honored for the coming tax year.

The triple lock policy is a government guarantee that ensures a minimum increase in the state pension every year.

According to the policy, the state pension must rise at the rate of inflation, average earnings growth, or 2.5 percent, whichever is greater.

When it came time to decide the state pension boost for the 202223 tax year, it appeared that average earnings growth would be the highest of the three figures, coming in at a massive 8.3 percent.

That would have been the most significant increase since the triple lock was implemented in 2010.

The government, on the other hand, threw a spanner in the works when they decided that implementing this level of increase would be unfair to taxpayers.

They reasoned that the high average earnings growth was due to millions of people returning to work after being on furlough.

As a result, the decision was made to suspend the triple lock policy for a year, instead raising the state pension by the highest of the other two factors: inflation and 2.5 percent.

Inflation was 3.1 percent in the 12 months leading up to September 2021, and the rate of increase to the state pension was set at that time.

The 3.1 percent increase is less than half of what pensioners were expecting, infuriating older Britons.

Many users expressed their dissatisfaction in the comment sections of stories on this website about the state pension and the triple lock.

The triple lock fiasco was dubbed “the biggest con of the century” by one user, s.

“Unfortunately, the government in this country doesn’t give a damn about the elderly,” DavidCohen2 said.

One of the criticisms leveled at the 3.1 percent increase is that inflation has continued to rise in the months since the increase was approved.

Inflation reached 5.1%.

“News from the Brinkwire.”

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