10.1% Rises In Benefits And The State Pension

18th November 2022

To protect the most vulnerable the Chancellor unveiled £26 billion of support for the cost of living including continued energy support, as well as 10.1% rises in benefits and the State Pension and the largest ever cash increase in the National Living Wage.

To support the poorest pensioners, I have decided to increase pension credit by 10.1% which is worth up to £1470 for a couple and £960 for a single pensioner in our most vulnerable households.

But the cost of living crisis is harming not just poor pensioners but all pensioners so because we have taken difficult decisions elsewhere in this statement, I can today announce that we will fulfil our pledge to the country to protect the pensions Triple Lock.

So, in April, the state pension will increase in line with inflation, an £870 increase which represents the biggest ever cash increase in the state pension.

To the millions of pensioners who will benefit from this measure I say - now and always, this government is on your side.

In the Autumn Statement, Mr Hunt confirmed that the state pension and a number of other benefits will go up by 10.1% - in line with September's Consumer Prices Index (CPI) measure of inflation.

From April 2023 payments will be:

£203.85 a week (currently £185.15) for the full, new flat-rate state pension (for those who reached state pension age after April 2016)

£156.20 a week (currently £141.85) for the full, old basic state pension (for those who reached state pension age before April 2016)