State pension payments will rise to an average of £124 a week, an increase of £6 from last year, the government has said.
The basic state pension will increase from £102.15 to £107.45 a week from today and will equate to about 17% of average earnings. The government said it is spending an extra £4.5bn on pensioners through the uprating of their benefits this year. Pensions minister Steve Webb said: "My first concern is to make sure our pensioners have a decent income in retirement. "Uprating the basic state pension by the highest of earnings, prices or 2.5% will have a dramatic impact in driving up the value of the state pension. This is one of the biggest spending commitments we have made in difficul...
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