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Island will mirror UK over triple lock pledge

Targeted support alongside bonus packages

There's good news for pensioners after government confirmed it will mirror the UK's  commitment to the triple lock in next year's Budget.

Treasury Minister Alex Allinson has unveiled £1.8 million worth of targeted support measures to help the most vulnerable with the cost of living this winter.

They also include a winter bonus for people in receipt of low income benefits and a Christmas bonus for pensioners.

The triple lock pledge is subject to the UK committing to the arrangement.

Under the triple lock system, the state pension increases each April in line with whichever of three key measures is highest; inflation as measured by the consumer price index for September of the previous year, the average increase in wages across the UK, or 2.5 percent.

It means pensioners are likely to get a boost of around 8.5 percent next year.

The package of measures also includes a £40 Christmas bonus for pensioners and a range of benefit recipients - the UK figure is £10 - and the re-introduction of the winter bonus for those on low incomes - worth up to £350.

Free TV licences for all residents over 75 are to continue until the end of 2024.

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