Pensioners 'lowest paid in Europe!' - Man fears 'rough year' as he misses out on 8% rise

Asia's Tech News Daily

Pensioner John expressed his disappointment with the Chancellor’s speech stating he will have a “rough year next year”. Speaking on the BBC Money Box podcast. he said: “There was no mention of the pension. He took away the eight percent from the triple lock.

“The British pensioners are probably the lowest paid pensioners in Europe, so it’s done nothing to help us.

“With a forecast inflation of five percent, we’re going to have a rough year next year.”

The triple lock is the term given to the Government’s promise to raise the state pension by either the rate of inflation, average earnings growth, or 2.5 percent.

Due to the pandemic and furlough artificially inflating earnings across the country, Prime Minister Boris Johnson and Chancellor Rishi Sunak have opted for a “double lock” for at least a year and will not include earnings as an indication.

Pensioners 'lowest paid in Europe!' - Man fears 'rough year' as he misses out on 8% rise
© GETTY State pension Despite the public outcry over the triple lock scrap, state pensions are set to go up by 3.1 percent next year in line with inflation.It means the full new state pension will be around £185.17 per week for the 2021/22 tax year.This is up by £5.57 from the previous year when it was £179.60, which means claimants will get an extra £289.64 per year, with their income jumping from £9,339.20 for a full 12 months up to £9,628.84.Laura Suter, head of finance at AJ Bell said: “What we did hear in the budget today is we’re expecting average inflation over the next year to be four percent.DON’T MISS‘Huge blow’ as Cold Weather Payment rise absent from Budget – can you get the £25 payment? [ANALYSIS]‘Welcome news’ for UK property owners as Rishi Sunak announces Capital Gains Tax changes [UPDATE]‘You can’t come back from this!’ – The ‘biggest’ pension mistakes retirees make [INSIGHT]

“So, pensioners aren’t even getting an increase that keeps in line with rising costs.”

Tax expert Heather Self explained that by having the double lock in place, the Chancellor is saving £5.4billon next year, and this could rise to £6billion in subsequent years.

On the Government’s state pension decision, Lord Prem Sikka said: “I am opposing the suspension of the triple lock because it condemns current and future retirees to a life of misery.

“The average state pension of £8,000 is around 25 percent of average national wage, the lowest in the industrialised world.

Pensioners 'lowest paid in Europe!' - Man fears 'rough year' as he misses out on 8% rise
© GETTY Pension

“The proportion of retirees living in severe poverty is five times what it was in 1986. Around 2.1 million pensioners live in poverty. Some 1.3 million retirees are undernourished and 25,000 die each year due to cold weather.

“The maintenance of the triple lock enables retirees to meet the rising cost of food and energy.

“The government’s election pledge can easily be met through the £37billion surplus in the National Insurance Fund account”.

Rishi Sunak also failed to announce any additional measures today to help the elderly this winter despite their finances being squeezed more than previous years.

John continued: “He left the Winter Fuel Allowance which I thought he would have increased because of the increasing cost of fuel.

“That’s been £200 now for 11 years.”

Paul Lewis, presenter of the podcast agreed with John and stated that this allowance should possibly be three times more than the current rate, or at least double that.

The Winter Fuel Payment is a benefit from the government which allows pensioners to receive some money towards their heating bills. This could be worth as much as £300 for some people. The payment is tax-free and receiving it will not affect a claimant’s ability to receive other benefits.

Internet Explorer Channel Network
Asia's Tech News Daily
News Related

OTHER NEWS

Phase 2 Edmonton parking ban lifted

A Phase 2 parking ban that was issued in Edmonton last week has been lifted. © Dave Carels, Global News A seasonal parking ban in Edmonton. The parking ban came ... Read more »

Southwest Air's Hiring Struggles Are Damping Efforts to Cut Costs

© Bloomberg Southwest Air Cancellations Move Into Fourth Day With 10% Parked (Bloomberg) — Southwest Airlines Co.’s ongoing struggles to attract and retain workers are keeping costs elevated and threatening ... Read more »

'Sex and the City' stars share memories of late Willie Garson

Kristin Davis and Cynthia Nixon paid tribute to Garson, who played Stanford Blatch in the series, during an appearance on "The Late Show With Stephen Colbert." Read more »

VALORANT Champions: Team Secret bow out with 0-2 loss to Acend

Filipino hopefuls Team Secret’s journey at VALORANT Champions 2021 has come to an end, after they fell to Europe’s Acend in a 2-0 sweep in the Playoff quarterfinals on Thursday ... Read more »

Exclusive-Canada's CPP Investments seeks to sell insurance groups in strategy U-turn -sources

© Reuters/Mark Blinch FILE PHOTO: A Canadian dollar coin, commonly known as the “Loonie,” is pictured in this illustration picture taken in Toronto By David French and Chibuike Oguh NEW ... Read more »

Matalan among 200 employers named and shamed for not paying the minimum wage

More than 200 firms have been named and shamed by government for not paying their staff the minimum wage – including Matalan. The list of 208 companies did not pay ... Read more »

I'm A Celebrity: Viewers all in agreement after Naughty Boy eliminated

I’m a Celebrity viewers can all agree on one thing after Naughty Boy was eliminated from the castle tonight. The music producer was controversial during his time in camp, regularly ... Read more »

Warning over Bain threat to LV's ring-fenced member funds

© Provided by This Is Money MailOnline logo Private equity barons at Bain Capital could tap into supposedly ‘ring-fenced’ member funds at LV following a successful purchase of the mutual ... Read more »

Chelsea frustrated by Juventus keeper Pauline Peyraud-Magnin in Champions League stalemate

© PA Wire Pauline Peyraud-Magnin (left) denied Chelsea numerous times (John Walton/PA) – PA Wire Chelsea missed the chance to seal qualification for the Women’s Champions League quarter-finals with a ... Read more »

Ryan Reynolds hopes to 'live life like a normal human' during acting sabbatical

© Provided by Cover Media Ryan Reynolds Ryan Reynolds has opened up about his decision to take a break from acting in order to spend time on other projects. Speaking ... Read more »

Milestones with 2 new planes show the US and China trying to improve on the same important mission

© Courtesy photo/Boeing An MQ-25 Stingray refuels an F/A-18 Super Hornet. Courtesy photo/Boeing The US and Chinese militaries recently hit milestones with tanker aircraft both are developing. The aircraft are ... Read more »

Video: Deputy Prime Minister Barnaby Joyce tests positive for Covid-19 in Washington DC after showing symptoms - forcing him into isolation before returning to Australia

Read more »

Video: I'm A Celebrity: 'It's a bloody joke': David Ginola left unimpressed as he misses out on letter from home AGAIN

Read more »

Video: Not bitter then, Hillary? Clinton breaks down in TEARS as she gives cringeworthy reading of the 2016 victory speech she WOULD have given if she'd beaten Trump to become the first female US President 

Read more »

Video: 'It's going to be an infrastructure decade': Biden dubs himself 'Mr. Amtrak' and pays homage to Republican Bob Dole as he tours bus facility in Kansas City to promote his $1.2 trillion bipartisan bill 

Read more »

MAD Lions finalizes LoL roster for the 2022 LEC season

Back-to-back defending LEC champion MAD Lions will be entering the 2022 season with a lot of changes to its roster.  After a very successful year in the LEC with two ... Read more »

Masahiro Sakurai says a sequel to Super Smash Bros. Ultimate is not in the works and may not happen at all

© Provided by Dot Esports Super Smash Bros. series creator and director Masahiro Sakurai has been open about his thoughts and concerns surrounding the future of the franchise now that ... Read more »

I'm a Celebrity 2021 announces fourth campmate leaving the show

I’m a Celebrity spoilers follow. © ITV I’m a Celebrity 2021 announces fourth campmate leaving the ITV show. I’m a Celebrity… Get Me Out of Here! has revealed the fourth ... Read more »

Day laborer accused of stabbing Baltimore woman inside church charged with murder

Authorities say Manzie Smith Jr. 62, fatally stabbed Evelyn Player inside her church Nov. 16. Baltimore Police have arrested the man they say fatally stabbed a senior citizen inside her ... Read more »

Revlon One-Step Hair Dryer vs Dyson Airwrap – which gives the better blowdry?

IS Boots' top-selling Christmas hair tool really a cut above? Siobhan O'Connor compares the £70 Revlon volumiser with the feted £450 Dyson Airwrap and gives her verdict. Here, we compare ... Read more »

Sly and Robbie's Robbie Shakespeare has died, according to reports

Famed reggae bassist Robbie Shakespeare has died at the age of 68, according to reports in The Jamaica Gleaner. © Fabrice Coffrini/AFP via Getty Images Sly and Robbie’s Robbie Shakespeare ... Read more »

Liquid crush NA's hopes with sweep of Cloud9 Blue in VCT Champions quarterfinals

© Provided by Dot Esports Team Liquid took down Cloud9 Blue today in a close series, despite it only going to two maps, to advance to the semifinals of VCT ... Read more »

MARKET REPORT: Only the start for 'partner of choice' Ocado

© Provided by This Is Money MailOnline logo Grocery delivery giant Ocado got a boost after a broker branded it the ‘partner of choice’ for supermarkets looking to cash in ... Read more »

‘Bully' bouncer repeatedly knees clubber, throws him on floor and punches him on the ground in shocking footage

A BOUNCER filmed repeatedly punching and kicking a clubber “who didn't try and fight back once” has been sacked. Louise Robinson-Jones filmed the Pro-Tect Security employee brawling with a male ... Read more »

Omicron hits winter holiday bookings as Tui racks up £2bn more losses

© Provided by This Is Money MailOnline logo TUI has warned that the Omicron variant is hitting holiday bookings as it racked up a second annual loss of more than ... Read more »

Over 25,000 villages in India still lack mobile, internet coverage: Centre in Lok Sabha

India may be one of the largest markets for telecom and broadband, but there are still over 25,000 inhabited villages without mobile and internet coverage. These villages, however, also include ... Read more »

Growing voice in favour of reintroducing NJAC Bill, Law Minister tells Lok Sabha

© Provided by The Indian Express THERE IS a growing voice in favour of reintroduction of the National Judicial Appointments Commission (NJAC) Bill, Law and Justice Minister Kiren Rijiju told ... Read more »

How to redeem the Eat Pizza emote promo code in Final Fantasy XIV

© Provided by GamePur For a limited time, all United States Final Fantasy XIV players will have the chance to receive an Eat Pizza emote if they participate in the ... Read more »

Opposition continues protest, Venkaiah says compounding their offence

© Provided by The Indian Express On Wednesday morning, Rajya Sabha saw disruptions before the Opposition boycotted proceedings for the rest of the day. As Opposition leaders kept demanding that ... Read more »

PUBG Mobile: Squid Game mode, Death Rabbit Survival, might be coming soon to the game

© Provided by GamePur PUBG Mobile is rumored to soon have a crossover with Netflix’s most popular series, Squid Game. As per the leaks, the crossover will feature Squid Game ... Read more »

‘Done to put us in bad light': Robredo debunks FB posts with altered photos

© Provided by Interaksyon Vice President and presidential aspirant Leni Robredo recently debunked two doctored Facebook posts she claimed were posted against her and her supporters. The public official on Sunday tagged ... Read more »

Best Automaton Loadout Warzone Pacific Season 1

Warzone Pacific Season 1 is here and fans of the game have started to figure out which weapons from Vanguard translate best. The Automaton has been arguably the best overall ... Read more »

BJP minority morcha appoints Parsi, Sikh, Christian conveners

© Provided by The Indian Express The Gujarat BJP’s minority morcha has appointed three special social conveners from the Parsi, Sikh, and Christian community to bring people from those communities ... Read more »

CD Projekt Red is settling with investors over a lawsuit for Cyberpunk 2077's launch

© Provided by GamePur The VGC reports that CD Projekt Red has is about to enter settlement negotiations with some of its investors. Early in the year, a group of ... Read more »

Yone has a crazy anime-style Pentakill animation on PBE

Yone and Yasuo are two of League’s more unapologetically anime-inspired characters, warrior brothers with magical abilities and dark pasts. Riot Games appears to be doubling down on this with a ... Read more »

What happened on the day John Lennon was shot?

Former Beatle John Lennon was shot and killed 41 years ago in New York City on 8 December 1980. Lennon, who was 40, was entering his Manhattan apartment building on ... Read more »

Gesamte Regierung Burkina Fasos entlassen

Inmitten einer Zuspitzung der Sicherheitslage bekommt das westafrikanische Land eine neue Führung. © Foto: AFP Geht mitten in der Krise: Burkina Fasos Ministerpräsident Christophe Marie Joseph Dabiré. Der Präsident von ... Read more »

Russia vows to continue consultations about Ukraine following Putin-Biden call

Russia vowed to continue talking following a video call between President Vladimir Putin and U.S. President Joe Biden, despite a massive troop buildup on the border of Ukraine and expectations ... Read more »

RB Salzburg als österreichischen Pionier

© KEYSTONE/EPA/Christian Bruna Salzburg zieht als erste österreichische Mannschaft in eine K.o.-Phase der Champions League ein. Dank einem Tor von Noah Okafor siegen die Salzburger daheim gegen den Europa-League-Rekordgewinner FC ... Read more »

Biden says putting U.S. troops on ground in Ukraine is 'not on the table'

President Biden travels to Missouri, from the White House in Washington By Jeff Mason WASHINGTON (Reuters) – U.S. President Joe Biden said on Wednesday putting American troops on the ground ... Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic