Business
State pension likely to rise by £488 a year in April
The rise has reignited the debate about the state pension's long-term affordability and generational fairness.
BBC Business•
The state pension is likely to rise by £488 to next April to £13,036.40 a year, new official figures suggest.
Under the triple lock pension guarantee, the increase is based on either average wage growth, inflation or 2.5% - whichever is highest.
Average wage growth, including bonuses, between May and July slowed to 3.9%, according to the Office for National Statistics.
the flat-rate state pension - for those who reached state pension age after April 2016 – will likely be £250.70 a week, or £13,036.40 a year. That would be an increase of £488