Part IIIB, Division 18 VEA – Indexation
Part XII, Sections 198 - 198MB VEA - Indexation
Chapter 11, Part 1 MRCA - Indexation
Sections 13, 13AA SRCA - Indexation
Part 3.8 VCES - Indexation
Part 3.8 MRCAETS - Indexation
What is a statutory increase
A statutory increase is the process of indexing pensions, allowances, limits and thresholds to maintain their value against increases in the cost of living and/or average earnings. Most amounts are indexed against movements in the Consumer Price Index [glossary:(:]CPI[glossary:):] while some are also benchmarked against Male Total Average Weekly Earnings [glossary:(:]MTAWE[glossary:):]. The [glossary:Pensioner and Beneficiary Living Cost Index:] (PBLCI[glossary:),:] which specifically measures the cost of living for pensioners, is also used for some amounts. Some amounts are not indexed.
Indexed and derived amounts
Some amounts that vary at the statutory indexation dates are not indexed themselves but are derived from other amounts that are indexed.
Indexation timetable
Indexation occurs either annually or biannually, depending on the payment, allowance or limit. The indexation date and method for each payment, allowance or limit is determined by legislation.
History of amounts
The CLIK Reference Library displays both current and historic amounts.