The Social Security (Up-rating of Benefits) Bill will ensure that for 2022/23, the state pension and certain other benefits will increase by the greater of 2.5% and inflation (consumer prices index). The average annual increase in UK earnings (which was expected to be above 8% for the May to July 2021 reference period, following a decline in earnings in 2020 and market ‘distortions’ during the covid pandemic) is to be disregarded. This is a temporary measure, for one year only.
The Social Security (Up-rating of Benefits) Bill will ensure that for 2022/23, the state pension and certain other benefits will increase by the greater of 2.5% and inflation (consumer prices index). The average annual increase in UK earnings (which was expected to be above 8% for the May to July 2021 reference period, following a decline in earnings in 2020 and market ‘distortions’ during the covid pandemic) is to be disregarded. This is a temporary measure, for one year only.
