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Re: Andy Burnham’s chronicles
The triple lock only costs extra money when wages are above inflation and/or inflation drops below 2.5%.
Wages increase lag behind increases in inflation, so sometimes the wage part of the triple lock gives false double increases. Eg When inflation was 10%, pensions got the 10%, then inflation dropped, but meantime wages had increased above inflation because of the previous 10% inflation. Pensions had a partial double increase.
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