DWP payment and state pension new rates ahead of autumn Budget 2024

Chancellor Rachel Reeves is set to announce the annual uprating for the State Pension and benefits during the Autumn Budget on Wednesday. While she won't detail every benefit provided by the Department for Work and Pensions (DWP) and HM Revenue and Customs (HMRC), these specifics will be published shortly after her announcement.

However, Ms Reeves will confirm the overall uprating, helping the 22 million people currently claiming at least one benefit to calculate their entitlements from next April. The Triple Lock, which determines the uprating for the New and Basic State Pension, also applies to disability benefits such as Personal Independence Payment (PIP), Attendance Allowance, Disability Living Allowance and Carer's Allowance.

Additionally, the seven million people on Universal Credit will learn how much their monthly benefits will increase next year. This uprating, decided by the UK Government, does not utilise the Triple Lock.

Yet under the Triple Lock, the New and Basic State Pensions rise each year in line with the highest of the average annual earnings growth from May to July (4.1%), the Consumer Price Index (CPI) inflation rate in the year to September (1.7%), or 2.5%. Additional State Pension elements and deferred State Pensions increase annually with the September CPI figure.

Under the earnings growth figure of 4.1 per cent, individuals on the full New State Pension will see their weekly payments increase by £9.10, from £221.20 to £230.30. Given that payments are typically made every four weeks, this equates to £921.20, reports the Daily Record.

This adjustment will result in an annual rise of £473.60, from £11,502 to £11,975.60, over the 2025/26 financial year. Similarly, those on the full Basic State