[UK] DWP update on reducing minimum wage and state pension difference

The UK government has issued an update for state pensioners on reducing the difference between the state pension and minimum wage, BirminghamLive reports.

The full basic State Pension is £169.50 per week. The amount of basic State Pension received depends on an individual’s National Insurance record.

The MP Gregory Stafford reportedly asked the Government what steps they were taking to "reduce the difference between the minimum wage and the state pension".‌

In response, Darren Jones - UK Treasury minister - said the state pension is "the foundation of state support for older people". Adding that people need to take responsibility to be ready financially for their retirement and, "to ensure financial security in later life, individuals are expected to save for their retirement".

Mr Jones stated that the government - headed up by Sir Keir Starmer - "is committed" to the triple lock for the duration of this Parliament and also said the Government "provides generous pensions tax relief to enable savings".

The minister reportedly added, "Over the course of this Parliament, the yearly amount of the full new state pension is currently forecast to go up by around £1,900, based on the Office for Budget Responsibility’s latest forecast."

Source: BirminghamLive

(Quotes via original reporting)

The UK government has issued an update for state pensioners on reducing the difference between the state pension and minimum wage, BirminghamLive reports.

The full basic State Pension is £169.50 per week. The amount of basic State Pension received depends on an individual’s National Insurance record.

The MP Gregory Stafford reportedly asked the Government what steps they were taking to "reduce the difference between the minimum wage and the state pension".‌

In response, Darren Jones - UK Treasury minister - said the state pension is "the foundation of state support for older people". Adding that people need to take responsibility to be ready financially for their retirement and, "to ensure financial security in later life, individuals are expected to save for their retirement".

Mr Jones stated that the government - headed up by Sir Keir Starmer - "is committed" to the triple lock for the duration of this Parliament and also said the Government "provides generous pensions tax relief to enable savings".

The minister reportedly added, "Over the course of this Parliament, the yearly amount of the full new state pension is currently forecast to go up by around £1,900, based on the Office for Budget Responsibility’s latest forecast."

Source: BirminghamLive

(Quotes via original reporting)