What happened: The triple lock is a government policy that guarantees the state pension rises each year by the highest of inflation, average wage growth, or 2.5%. This protects pensioners' income against the cost of living increases.
Why it matters:
- It helps pensioners maintain their purchasing power despite economic changes.
- It affects millions of retired people relying on the state pension in the UK.
MNN Take: The triple lock is designed to provide financial security for pensioners by ensuring their payments do not lose value over time, reflecting changes in the economy.
Sources: BBC Business