State Pensions Set to Rise by 5%
Monday, April 6, 2009 18:13
The State pension, which is paid to 12m people, is set to increase tomorrow to £95.25 a week for single people and £152.30 for couples, up from £90.70 and £145.05 respectively, indicating a rise of 5%.
However, the charities representing older people say that millions of pensioner households will go on to struggle to balance their income and costs. This boost in pension will not be enough to ease the financial pressure on older people. Over two million people over 65 still live in poverty.
Due to the soaring cost of food, gas and electricity, and as pensioners tend to spend a higher proportion of their income on these necessities, older people are forced to live with an annual inflation rate that is ten times higher than the reported rate of 3.2%.
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