BUDGET: 20,000 pensioners to see Manx State Pension increased

Tuesday, 20 February 2024 10:45

Basic payment to rise by 8.5%

Around 20,000 pensioners on the Isle of Man will see their state pensions increased.

This year’s Budget has been unveiled in Tynwald today (20 February).

Under the ‘triple lock’ uprating the basic state retirement pension, and Manx State Pension, will increase by 8.5 percent.

Those in receipt of the full amount currently get £222.67 per week.

They'll now receive an extra £18.83 per week or £979.16 over a year.

Additional State Earnings Related Pension Schemes, and Manx State Pension protected amounts, will increase by 6.7 per cent.

Other Manx benefits are also increasing - you can find out more HERE.

Tynwald will vote on the Budget later today.

Find out more about this year's Budget and how it will affect you by clicking HERE.

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