British expat pensioners rejoice on the news of an 8% rise

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British expat pensioners rejoice on the news of an 8% rise in 2020
British expat pensioners rejoice on the news of an 8% rise in 2020

British expat pensioners in Spain are rejoicing on the news of an 8% rise.

The bumper increase in the 2022 state pension relies on a big spike in wages during the pandemic, which has just been predicted by a second government forecaster.

Retired people are extra likely to get a record state pension hike of around 8% next year, a second government forecaster confirmed. Every year the state pension goes up by the highest rate of inflation, 2.5% or average wage growth during a set period – under an agreement called the triple lock.

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However, due to the pandemic, the triple lock is set to work in pensioners’ favour next year, as wage growth is set to rise 8% in the three months to July, according to the Office for Budget Responsibility (OBR) today, Wednesday, July 7.

This record rise in wages is because average earnings were lower during the lockdown, then rose steadily again as the country began to return to work.

An 8% increase in the period means the full state pension rises from the current maximum of £179.60 – €209.98 a week to £194 – €226.87 from April 2022.


Last month the Office for National Statistics made a similar judgement to the OBR, saying wages had risen 8.4% in the year to April 2021.

Related:

BRITISH expat pensioners saw a little extra in their bank as the UK’s promised rise started in April 12.


Although any extra money in these very difficult times would be welcome, the rise of €20 just about covered the recent gas bottle price rise in Spain and will hardly cover the upcoming electricity tariff changes.


Thank you for taking the time to read this article, please remember to come back and check The Euro Weekly News website for all your up-to-date local and international news stories.

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Ron actually started his working career as an Ophthalmic Technician- things changed when, during a band rehearsal, his amplifier blew up and he couldn’t get it fixed so he took a course at Birmingham University and ended up doing a degree course. He built up a chain of electronics stores and sold them as a franchise over 35 years ago. After five years touring the world Ron decided to move to Spain with his wife and son, a place they had visited over the years, and only bought the villa they live in because it has a guitar-shaped swimming pool!. Playing the guitar since the age of 7, he can often be seen, (and heard!) at beach bars and clubs along the length of the coast. He has always been interested in the news and constantly thrives to present his articles in an interesting and engaging way.

2 COMMENTS

  1. It’s a mistake to celebrate too soon they can still change the triple lock system to stop it. Boris has a large majority in Parliament so the other parties cannot stop him.

  2. I wonder if I can predict the lottery numbers as well? I’ve just seen an announcement that the Chancellor is considering breaking the Triple Lock on Pensions, another break of one of their manifesto promises

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