State pension frustration as sum will not increase to £380 per week | Personal Finance | Finance

State pensioners hoped the Government would increase their sum to £380 per week to help them with the cost of living rise. Many signed an official Parliament petition which called for action on the matter.

The petition, entitled ‘Increase the state pension to £19,760 a year (£380 a week)’,   garnered nearly 45,000 signatures at the time of writing. 

It asserted the state pension as it currently stands is “not enough to live on”, given the sum does not match the National Living Wage.

At present, the National Living Wage is £9.50 per hour, which works out as over £19,000 for those who work full time for 40 hours per week.

The petition added: “Most pensioners live active lives and have to pay the same bills as others have to find money for but are expected to do it on less than half the income of those on the national living wage, this is unacceptable.

READ MORE: State pensioners may see sum affected if in a workplace pension

It may, however, not be the end for the petition, as it continues to garner signatures.

At 100,000 signatures, all petitions are considered for debate in Parliament. 

At present, the full new state pension is £185.15 per week.

Some may get less than this if they were contracted out before April 6, 2016.

The full basic state pension, the older scheme, is worth £141.85 per week.

The actual amount people will get is usually dependent on their National Insurance contributions.