Pension Triple Lock

Dazed_and_C0nfused

justwantedtosay said:

Dazed_and_C0nfused said:

justwantedtosay said:

Dazed_and_C0nfused said:

You are mixing up two different things, that why it doesn't make sense.

"Last year" the State Pension triple lock would have been based on earnings (if that was the relevant element of the lock) to July 2023.

The July 2024 earnings would be the basis of the increase this year.

Sorry but I've no idea how you reached that conclusion from what I wrote...???

Yes last year it was 4.1% due to wages but, as I said, none of the ONS figures match that 4.1 figure. I know it will be this year's figure that gives next April's increase - how else could it be done?

Because this year is 2025.  Last year is 2024 and next year is 2026.

But I suspect @eskbanker has answered what you really wanted to know.

Ah, I see the level of pedantry you sank to. Surely it's clear I meant 'last time' - based on last year's figures - and wasn't confusing years.

And yes, it was great to have a proper answer from eskbanker.

Except this is an internet forum and all people can go on is what you have written.  If we tried to second guess the content of everyone's posts we'd never help as many people as we currently do.

Another satisfied customer, albeit courtesy of @eskbanker this time.

Aylesbury_Duck

justwantedtosay said:

Can I switch this off now I have the answer?

I don't think it works like that.  It's not a personal advice service.  Your question and the answers people provided may be helpful to others.

Marcon

justwantedtosay said:

Dazed_and_C0nfused said:

justwantedtosay said:

Dazed_and_C0nfused said:

You are mixing up two different things, that why it doesn't make sense.

"Last year" the State Pension triple lock would have been based on earnings (if that was the relevant element of the lock) to July 2023.

The July 2024 earnings would be the basis of the increase this year.

Sorry but I've no idea how you reached that conclusion from what I wrote...???

Yes last year it was 4.1% due to wages but, as I said, none of the ONS figures match that 4.1 figure. I know it will be this year's figure that gives next April's increase - how else could it be done?

Because this year is 2025.  Last year is 2024 and next year is 2026.

But I suspect @eskbanker has answered what you really wanted to know.

Ah, I see the level of pedantry you sank to. Surely it's clear I meant 'last time' - based on last year's figures - and wasn't confusing years.

I think you mean the level of care someone took to understand your less than precise question. 

BlackKnightMonty

I would be surprised if it is as high as 4.1% this year; with the changes to Employer NI and the increased taxes on businesses, there isn’t much left to fund worker’s pay rises.

QrizB

BlackKnightMonty said:

I would be surprised if it is as high as 4.1% this year; with the NI increases there isn’t much to fund worker’s pay rises.

Was 5% March to May:

https://www.ons.gov.uk/employmentandlabourmarket/peopleinwork/employmentandemployeetypes/bulletins/averageweeklyearningsingreatbritain/july2025

BlackKnightMonty

QrizB said:

BlackKnightMonty said:

I would be surprised if it is as high as 4.1% this year; with the NI increases there isn’t much to fund worker’s pay rises.

Was 5% March to May:

https://www.ons.gov.uk/employmentandlabourmarket/peopleinwork/employmentandemployeetypes/bulletins/averageweeklyearningsingreatbritain/july2025

That will be the increase to the NMW ?

QrizB

BlackKnightMonty said:

QrizB said:

BlackKnightMonty said:

I would be surprised if it is as high as 4.1% this year; with the NI increases there isn’t much to fund worker’s pay rises.

Was 5% March to May:

https://www.ons.gov.uk/employmentandlabourmarket/peopleinwork/employmentandemployeetypes/bulletins/averageweeklyearningsingreatbritain/july2025

That will be the increase to the NMW ?

Seems unlikely to me.

BlackKnightMonty

QrizB said:

BlackKnightMonty said:

QrizB said:

BlackKnightMonty said:

I would be surprised if it is as high as 4.1% this year; with the NI increases there isn’t much to fund worker’s pay rises.

Was 5% March to May:

https://www.ons.gov.uk/employmentandlabourmarket/peopleinwork/employmentandemployeetypes/bulletins/averageweeklyearningsingreatbritain/july2025

That will be the increase to the NMW ?

Seems unlikely to me.

The National Minimum Wage will see increases across different age brackets from April 1, 2025. The National Living Wage (for those 21 and over) will increase by 6.7% to £12.21 per hour. The 18-20 year old rate will increase by 16.3% to £10.00 per hour, and the 16-17 year old and apprentice rates will both increase by 18% to £7.55 per hour.  

https://www.gov.uk/government/publications/the-national-minimum-wage-in-2025

JoeCrystal

QrizB said:

Seems unlikely to me.

I agreed as well, only a little more than one in twenty workers (6.5%) is paid the Minimum Wage. That would be reflected mostly in wholesaling, retailing, hotels, and restaurants, where such positions are most common. It might have some impacts across the board as a matter of differential pay, though. The next report from the Low Pay Commission is particularly interesting due to changes in its remit. We will know by the end of October later this year.

ali_bear

Sorry but I am so used to the idea of being "promised X but delivered Y" that I kind of took it for granted that the actual rises were not as advertised. I guess I could be wrong.