State pension is the new most discussed topic now. This is because of the changes in it. Most Britons rely upon it. This is only for their later life. There have been several changes. These will come into force from the financial year. Find out all the changes here. Moreover, also how much will you get.
State pension- What is it?
Britons receive state pension after they reach a certain age. This is the state pension age. The amount that is received is dictated by a set of rules and regulations. It is according to the national insurance that has been paid by the Britons.
According to the changes, the new State Pension is £168.60. This is for every week. However, to get this amount the person must pay the national insurance. The payment has to be done for 35 years.
The changes
According to the changes in the state pension the increased amount now is £168.60. Earlier it was £164.35 per week.
The rise in the basic state pension is of £3.25, per week. It is now £129.20 per week. The widow’s pension along with the benefits will now become £119.60 per week.
Earlier it was £117.10 per week. The rise in the attendance allowance will be £87.65. This is also for a weekly basis.
Source: Holborn asset
Moreover, pension credit will also witness a change. It will rise to £248.80 for singles. However, for couples, it will be £255.25 per week.
Bereavement support payment, however, remains fixed. It is at £350 per month. In all the amount is £3,500.
Personal independence payment will also increase. It will now be £58.70 per week. It earlier was £57.30.
However, this is for people with a standard daily living component. Moreover, for people with standard mobility component, the amount goes up to £23.20.
Other changes
Incapacity benefits will also witness a rise. It will now be £112.25. The allowance for a car will become £66.15. This is for per week.
Disability living allowance with care component will increase to £85.60 to £87.65. The increase is of about £2.05 per week.
Source: The knowledge bank
Disability living allowance with mobility component will increase to £61.20 per week. Earlier it was £59.75. The rise is of £1.45 per week.
With all these changes happening, you must stay tuned to Hiptoro.