After the UK’s inflation rate rises, a’shameful decision’ on triple lock will push elderly people into poverty.

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After UK inflation rises, the’shameful decision’ on triple lock will push older people into poverty.

Campaigners warn that rising living costs will’strike fear into the hearts’ of elderly people who are already facing pension shortfalls.

Campaigners have warned that the sharp rise in inflation has “struck fear into the hearts” of older people who are already struggling financially and concerned about their pensions.

As they grapple with rising costs of living, including the cost of fuel and food, and limited options to increase their income, hard-up retirees have accused the government of being unconcerned about them.

It comes after the Consumer Price Index (CPI) inflation rate increased to 4.2 percent in October, a near-decade high.

The Office for National Statistics’ announcement has inflamed outrage over the government’s weakening of the state pension triple lock.

Each year, the state pension was increased by whichever of inflation, earnings growth, or 2.5 percent was the highest.

However, due to concerns about affordability, the government has changed it for April 2022, removing the earnings component.

This means that, rather than receiving an increase in their pension of about 8% in line with wage increases, older people’s income will rise by 3.1 percent, according to September’s inflation rate.

According to Conservative peer and former pensions minister Baroness Ros Altmann, who has fought to overturn the Government’s decision to temporarily scrap the triple lock, October’s figure of 4.2 percent confirms “the cost of living crisis already engulfing pensioners.”

“It will become increasingly clear that the shameful decision to raise their state pensions by only 3.1% next year will push more elderly people into poverty,” she said.

On Monday, Government MPs rejected a House of Lords amendment to keep the triple lock, leaving retirees “without the protection they were promised.”

Ministers introduced legislation last year to ensure that the state pension was not frozen and instead increased by 2.5 percent.

“Making ends meet is already really tough if you’re living on a low fixed income,” Caroline Abrahams, charity director at Age UK, said.

UK news summary from Infosurhoy

After the UK’s inflation rate rises, a’shameful decision’ on triple lock will push elderly people into poverty.

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State pension: ‘Shameful decision’ on triple lock will push older people into poverty after UK inflation rise

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State pension: ‘Shameful decision’ on triple lock will push older people into poverty after UK inflation rise

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