Pension Credit provides financial aid to low-income pensioners in the UK, with current benefits set at a minimum of £227.10 per week. The Work and Pensions Committee reports that despite its potential worth of up to £4,000 a year, only 61 to 66 percent of eligible individuals claim this aid, indicating that 700,000 households are missing out. With 1.9 million pensioners currently living in relative poverty, major changes to improve the benefit's take-up and fairness are necessary to address these issues.
Pension Credit, claimed by 1.3 million individuals, is designed to bring low-income pensioners' funds up to a livable level, currently set at a minimum of £227.10 per week.
The cross-party Work and Pensions Committee warns that more needs to be done to improve take-up of Pension Credit to tackle rising pensioner poverty in the UK.
Despite being worth up to £4,000 a year, Pension Credit take-up remains between 61 and 66 percent, with an estimated 700,000 eligible households not claiming.
Currently, 1.9 million pensioners live in relative poverty, prompting calls for the government to make significant changes to pension-age benefits.
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