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Campaigners warned that millions of OAPs on low incomes will be forced into a cost-of-living crisis if proposals to cut the guarantee go ahead. Traditionally, the triple lock underpins pension rises, ensuring increases are in line with inflation, earnings or 2.5 per cent – whichever is higher. But in September, the Government said the link to wage growth, which has been around eight per cent, would be postponed for a year.
The vote is scheduled for this afternoon and the Government is expected to win it. But Jan Shortt, of the National Pensioners Convention, said: “By suspending the triple lock, the Government is breaking a manifesto promise and condemning millions on low incomes to fall into poverty as prices rocket. Our members are angry MPs are not defending it – but it is still possible for the Government to do a U-turn.”
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The impact of Covid has distorted wage-growth figures, producing a spike as a result of people having previously been furloughed and many low-paid jobs having disappeared.
Peers in the House of Lords voted to defeat the Government legislation on the Bill and sent it back to MPs with an amendment to keep the lock in place.
Inflation was 3.1 per cent in September and this figure will set next April’s pension rise at £5.55 a week.
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