State pension could possibly be almost tripled to virtually £30,000 if proposal makes it to Parliament
A petition to massively hike up the state pension to almost three times its current rate could see pensioners being paid out nearly £30,000 if parliament approves the proposal
A proposal to increase state pensions could see them nearly tripled to just under £30k a year if successful.
Campaigners are pushing for the pension to be raised to the equivalent of 48 hours a week at the minimum wage, resulting in a new total of £549.12. This would be an increase of £328 from the current payment of £221.20. If implemented, this would mean that older individuals would receive £2,196.48 every four weeks, raking in a whopping £28,554.24 a year.
On the current rate, pensioners take home £884.80 every four weeks and an annual total of £11,502.40. Those on the pre-2016 basic state pension, have it even worse. They receive a measly maximum weekly rate of £169.50, which amounts to £678 every four weeks and £8,814 annually.
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The proposed increase would be huge £17,000 a year. For those on the old state pension, the rise would be even more significant, with the weekly amount increasing by £379.62 or nearly £20,000 a year.
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A new petition on the UK Government and Parliament website is demanding the mammoth hike and also proposed that the state pension should be paid from age 60, rather than the current age of 66, which is set to increase further from 2026.
Denver Johnson has spearheaded the petition demanding: “We want the government to make the state pension available from the age of 60 and increase this to equal 48 hours a week at the National Living Wage. Hence, from April 2024, a universal state pension should be £549.12 per week or about £28,554.24 per year as a right to all, including expatriates, age 60 and above.”
Also arguing: “We think that Government policy seems intent on the state pension being a benefit, while increasing the age of entitlement. We want reforms so the state pension is available from age 60, and linked to the National Living Wage.”
The petition could force the government’s hand if it gets enough support. Once it hits 10,000 signatures, an official statement must be given by those at the helm, and at 100,000 names, it’ll be catapulted onto the parliamentary debate stage.
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