On 20 March and 20 September of each year, the rates of most social security payments are usually increased in order to maintain their real value over time—this process is known as indexation. Pensions, unlike other payments, can also be adjusted to maintain their rate relative to average earnings. On 20 September 2020, for the first time in more than 20 years, the rates of pensions and payments such as JobSeeker Payment will not increase. This is because some of the indices used to adjust these payments have declined. Read more...
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