The state pension is due to rise by 4% in April, giving an extra £460 a year to recipients.
The payment increases by the highest of total average weekly earnings, inflation for September or 2.5%.
Figures on Tuesday showed average weekly earnings rose by 4% in the three months to July.
Inflation data for September has not yet been published but stood at 2.2% for July, according to the Office for National Statistics (ONS).
The pension rise comes as the government is under pressure having scrapped the winter fuel allowance. The annual rise in pension payments is more than double the allowance for some, worth either £200 or £300.
Also released today was unemployment data, which rate eased to 4.1% from 4.2%.
This breaking news story is being updated and more details will be published shortly.
Please refresh the page for the fullest version.
You can receive breaking news alerts on a smartphone or tablet via the Sky News app. You can also follow @SkyNews on X or subscribe to our YouTube channel to keep up with the latest news.
Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.
