British pensioners' income soars by 60 per cent in 13 years

Mail Online | 4/25/2019 | James Burton Chief City Correspondent For The Daily Mail
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Retired households have seen their income surge by almost 60 per cent in the past 13 years – far more than those in work.

The average pensioners' home saw payments of £27,283 last year – an increase of more than £10,000 or 59 per cent since 2005-06.

Contrast - Working - Household - Earnings - Cent

By contrast, the typical working household's earnings rose by only 36 per cent over the same period, to £36,332, according to the latest figures from the Office for National Statistics.

Although those in work have an average income greater than that of pensioners, the gap is closing.

Families - Costs - Pensioners - Child - Care

And many working families face costs pensioners often do not, such as child care and mortgages.

Many people who retired before the financial crisis in 2008 have lucrative workplace pensions which increase in line with inflation every year.

Retirees - Triple - Lock - State - Pensions

And retirees also benefit from the so-called triple lock on state pensions. Introduced by the coalition government in 2010, it means that payments rise annually by whichever is higher – inflation, average wages or 2.5 per cent.

As a result, pensioners' income from the state grows by at least as much as working familes' pay and often more.

Time - Workers - Britain

At the same time, workers across Britain have suffered...
(Excerpt) Read more at: Mail Online
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