The Department for Work and Pensions (DWP) has confirmed that Pension Credit payments will see an increase starting April 2026, which aims to support low-income individuals who are over the state pension age. Currently, single individuals receive £227.10 weekly under the 'Guarantee Credit' component, while couples receive £346.60. The new rates will raise these amounts to £238 for single individuals and £363.25 for couples.

Despite these increases, approximately 760,000 eligible individuals are reported to be missing out on the benefits of Pension Credit. The DWP is urging those who may qualify to check their eligibility, especially if they have additional circumstances such as caring responsibilities or housing costs, as these could allow for claims even if their income exceeds the standard limits.

The increase in Pension Credit rates reflects the ongoing efforts of the UK government to alleviate financial pressure on elderly citizens living on low incomes. As financial conditions fluctuate, this increase is crucial for many who rely on these benefits for their daily needs, ensuring they can maintain a basic standard of living as they age.