BENEFITS and pensions are set to get a 10 per cent hike from as MPs vote on it today.
Votes to rubber stamp the uplift for people on Universal Credit and those claiming the state pension, will take place tonight.
It's expected to go through the House of Commons with no issues.
It will see the triple lock formally return – which means pensions will always rise in line with inflation, 2.5 per cent or earnings.
The increased pension and benefit rate will come in from April.
The move will cost the Treasury a whopping £11billion this year alone – and has pushed officials to look at a back to work drive to try and get people off benefits and into back work.
It comes after a huge row last year about whether to uplift benefits in line with soaring inflation, or not.
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Ministers had first argued that it would be unfair to hike benefits and pensions at a time when millions of other Brits were not seeing the same pay rises.
And it comes as nurses and other public sector workers walkout over their pay too.
The government says they can't hike everyone's pay in line with soaring inflation, as it will make the wage spiral worse.
Economists think inflation may have now peaked and the worst could be over.
The war in Ukraine and soaring energy and food prices has been the main driver behind eye-watering inflation rates.
What are the new rates of Universal Credit and pensions?
Universal Credit rates in 2023/14
• From £265.31 to £292.11 for single people aged under 25
• From £334.91 to £368.74 for single people aged 25 and over
• From £416.45 to £458.51 for joint claimants both aged under 25
• From £525.72 to £578.82 for joint claimants both aged 25 and over
Pension rates in 2023/24
• £203.85 per week for the new State Pension (for those reaching State Pension age on or after 6 April 2016) – up from £185.15 in 2022/23.
• £156.20 per week for the basic State Pension (the core amount in the old State Pension system) – up from £141.85 in 2022/23.
The Pension Credit standard minimum guarantee (delivered by the Guarantee Credit) will also increase by 10.1% in line with CPI inflation, to £201.05 per week for single claimants and £306.85 per week for couples
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