People who receive state pension could get up to £300 more each year, according to experts.
Since 2010, the Government has promised it will increase pension payments by whichever is higher - the rate of Consumer Price Index (CPI) inflation, average earnings inflation or 2.5 percent.
The furlough scheme saw average UK earnings artificially inflated - which would have seen state pensions increase by around eight percent, Herts Live reports.
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It is estimated the Government would have paid out £3 billion over the course of a year to pensioners if it continued with the triple lock.
Rishi Sunak is instead predicted to opt for a "double lock" to avoid the huge pay out.
It's also hoped this will even out the distortion of wages over the last 18 months and ensure fairness across the board.
The next state pension increase will instead be determined by either CPI inflation rate or 2.5 percent.
Mr Sunak has faced pushback over breaking the triple lock promise.
When announcing the triple lock scrap in the House of Commons, Thérèse Coffey, the Secretary of State for Work and Pensions, explained why this “one-year adjustment” of state pension payments is necessary.
Ms Coffey said: “This year as restrictions have lifted and we experienced an irregular statistical spike in earnings over the operating review period, I'm clear that another one-year adjustment is needed.
“It will ensure the basic and new state pensions increase by 2.5 per cent or in line with inflation, which is expected to be the highest figure this year.
“And as happened last year, it will again set aside the earnings element for 2022/23, before being restored for the remainder of this parliament.
When announcing the triple lock scrap in the House of Commons, Thérèse Coffey, the Secretary of State for Work and Pensions, explained why this “one-year adjustment” of state pension payments is necessary.
Ms Coffey said: “This year as restrictions have lifted and we experienced an irregular statistical spike in earnings over the operating review period, I'm clear that another one-year adjustment is needed.
“It will ensure the basic and new state pensions increase by 2.5 per cent or in line with inflation, which is expected to be the highest figure this year.
“And as happened last year, it will again set aside the earnings element for 2022/23, before being restored for the remainder of this parliament.
“This will ensure pensioners' spending power is preserved and protected from higher costs of living, but we'll also ensure that as we are having to make difficult decisions elsewhere across public spending, including freezing public sector pay, pensioners are not unfairly benefiting from a statistical anomaly.”
There is good news for pensioners as economists expect the rate of CPI inflation to be higher than 2.5 percent, which means next year they will get higher payments than was projected.
According to experts, the rate is forecast to increase by 3.3 percent as of next year.
This would result in a weekly payment boost, from £179.60 to £185.55, for any Briton who has retired since April 2016.
Analysis by the Mail on Sunday estimates this would result in an average increase of £6 per week or £312 a year.
Despite the ongoing controversy over the Government scrapping its triple pledge, this would represent one of the largest increases to state pension payments on record.
While pensioners may be missing out on an 8.8 percent increase to their state pension payments, as of today, it is forecast their pension pots will continue to rise by a moderate amount.
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