Today spotted that my current account balance is £10 higher than I thought.
As somebody who dislikes mysteries, investigated. A payment has been made by DWP. For those of you not resident in the United Kingdom, that stands for the Department of Work & Pensions. Among other things, the DWP pays the state pension to qualifying oldies such as meself. Avoiding arguments about the level of pension we receive, is it enough for retired people to live on, is it far too high and an unfair imposition on the incomes of younger working people, I'll just say that to me the UK state pension is very welcome and much better than a poke in the eye with a sharp stick.
The pension is paid every four weeks and my next payment is due on Friday. So why this £10 now?
Further investigation revealed that all the way back in 1972, the Right Honorable Anthony Barber, Chancellor of the Exchequer* in the Edward Heath government, was feeling a bit flush and decided that OAPs deserved a ONE-OFF Christmas Bonus. After all, employees of companies are often given a bonus at this time of year, a little thank you for work during the year and help with the cost of Christmas. So the government decided it could afford to give oldies £10 each. Was worth a little bit more in those far-off days - according to Bank of England figures, the present-day equivalent would be £113.
* the Finance minister - an ancient office, since at least the twelfth century.
In 1973, they were again in a position to pay an OAP bonus. £10 again. And - I honestly never knew this - the government has gone on paying this one-off annual bonus to all OAPs every year since. Stayed at the same £10 level however.
It's enough to buy eight postage stamps in 2023.
I better go and think carefully about how to make best use of this totally unexpected windfall . . .
As somebody who dislikes mysteries, investigated. A payment has been made by DWP. For those of you not resident in the United Kingdom, that stands for the Department of Work & Pensions. Among other things, the DWP pays the state pension to qualifying oldies such as meself. Avoiding arguments about the level of pension we receive, is it enough for retired people to live on, is it far too high and an unfair imposition on the incomes of younger working people, I'll just say that to me the UK state pension is very welcome and much better than a poke in the eye with a sharp stick.
The pension is paid every four weeks and my next payment is due on Friday. So why this £10 now?
Further investigation revealed that all the way back in 1972, the Right Honorable Anthony Barber, Chancellor of the Exchequer* in the Edward Heath government, was feeling a bit flush and decided that OAPs deserved a ONE-OFF Christmas Bonus. After all, employees of companies are often given a bonus at this time of year, a little thank you for work during the year and help with the cost of Christmas. So the government decided it could afford to give oldies £10 each. Was worth a little bit more in those far-off days - according to Bank of England figures, the present-day equivalent would be £113.
* the Finance minister - an ancient office, since at least the twelfth century.
In 1973, they were again in a position to pay an OAP bonus. £10 again. And - I honestly never knew this - the government has gone on paying this one-off annual bonus to all OAPs every year since. Stayed at the same £10 level however.
It's enough to buy eight postage stamps in 2023.
I better go and think carefully about how to make best use of this totally unexpected windfall . . .
