"People on the new full state pension are set for a rise of over 500 a year from next April following the latest official earnings data, PA Media reports. PA says: Under the triple lock guarantee, the state pension increases every April in line with whichever is the highest of total earnings growth in the year from May to July of the previous year, CPI (Consumer Prices Index) inflation in September of the previous year, or 2.5%."
"The latest figures from the Office for National Statistics (ONS) showed a rise in total wage growth including bonuses to 4.7% in the quarter to July, up from 4.6% in the three months to June. While the final piece of the puzzle will not come until inflation figures for September are published in October, it is thought unlikely that the rate of Consumer Prices Index will be higher than 4.7%."
"The UK's jobs market has continued to cool, according to official figures, amid a slowdown in annual pay growth and rising redundancies, Richard Partington reports. Figures from the Office for National Statistics (ONS) show annual growth in regular earnings, excluding bonuses, slowed to 4.8% in the three months to July, down from 5% in the three months to June, matching the forecasts of City economists."
The new full state pension is likely to increase by more than £500 a year from next April because the triple lock bases annual rises on the highest of total earnings growth, September CPI inflation, or 2.5%. ONS data showed total wage growth including bonuses rose to 4.7% in the quarter to July, up from 4.6% in the quarter to June, making earnings the probable determinant. CPI currently stands at 3.8% with September inflation due in October and expected to be below 4.7%. Official figures also show the jobs market cooling, with regular earnings excluding bonuses slowing to 4.8% and redundancies rising.
Read at www.theguardian.com
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