State Pension: Boris Johnson urged to increase sum for Britons – ‘not enough to live on!’
State pension: Expert discusses possible ‘significant increase’
State Pension payments are made available to Britons of an eligible age who have put forward a set number of National Insurance contributions throughout their lifetime. The government website, however, states: “You may get less than the new full state pension if you were contracted out before April 2016.” State pension is split into two tiers, the old or ‘basic’ state pension, which currently offers a maximum of £134.25 per week, or the new state pension, worth £175.20 per week.
However, a petition has argued the sum currently offered by the government is not substantial enough.
The petition is entitled: “Raise the UK state pension to match the UK minimum wage.”
It calls upon the government to reconsider its current approach to the level of state pension to help those in retirement.
The petition reads: “The UK national pension is not enough to live on!
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“Some pensioners have had their private pensions stolen or badly invested and others could just not afford to pay for a private pension.
“Either way, the majority have paid into the state pension as National Insurance contributions.
“Raise the state pension to match the minimum wage!”
The petition has a particular focus on the basic state pension sum, which it references within its explanation.
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The basic state pension sum at its maximum value is currently worth approximately £6,981 per year, while the new state pension at its full current value stands at roughly £9,110 annually.
However, the petition argues the “minimum a person needs to live” is £16,325, which it asserts is the minimum living wage.
In April 2021, the National Living Wage will be increased by 2.2 percent to £8.91 per hour, with this rate applicable to Britons who are aged 23 and over.
The Chancellor Rishi Sunak has also announced the National Minimum Wage rates will increase as well.
The petition to alter state pension payments has garnered a substantial amount of support, with 6,220 signatures at the time of writing.
If the petition were to reach 10,000 signatures on the official Parliament website, it would trigger a response from the government.
The deadline for this particular petition is set at March 29, 2021 – just months away.
The state pension sum, however, will increase this year, the government has stated.
Under the Triple Lock Mechanism, pensioners will see an increase to their sum to ensure the state pension does not lose value in real terms.
The sum is uprated by the highest of average earnings, inflation, or 2.5 percent, and this year it will increase by 2.5 percent.
The full rate for the new state pension will rise from £175.20 to £179.60 per week.
The basic state pension rate will rise from £134.25 per week to £137.65.
Express.co.uk has contacted the Department for Work and Pensions (DWP) for comment.
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