triple-lock
Three separate security mechanisms
Triple-lock is a commitment to increase something by whichever of three measures is highest.
The term gained prominence in British politics for the state pension guarantee: pensions rise annually by the greatest of inflation, average earnings growth, or 2.5 percent.
The mechanism ensures benefits never fall behind by any standard measure: The government promised to maintain the triple-lock on pensions.
Leaving the workforce permanently
- earningsMoney gained from work
- inflationSustained price level increase
- indexingSystematic organization for retrieval
- guaranteeFormal promise of fulfillment
benefits · UK · retirees · increase · adjustment · annual · minimum · wages
Formal promise of fulfillment
- promiseCommitment to act
- assuranceFirm promise or certainty
- pledgeBinding promise given
- bindingLegally or morally required
ironclad · unbreakable · covenant · vow · certainty · firm · absolute · unwavering
Means by which something operates
- deadboltKey-operated door lock
- protectionGuarding against harm
- safeguardPrecaution against harm
- vaultSecure storage chamber
safe · encryption · authentication · multi-factor · verification · redundancy · failsafe · foolproof
retirement
Leaving the workforce permanently
- earningsMoney gained from work
- inflationSustained price level increase
- indexingSystematic organization for retrieval
guarantee · benefits · UK · retirees · increase · adjustment · annual · minimum · wages · uprating
guarantee
Formal promise of fulfillment
binding · ironclad · unbreakable · covenant · vow · certainty · firm · absolute · unwavering · secured
mechanism
Means by which something operates
- deadboltKey-operated door lock
- protectionGuarding against harm
- safeguardPrecaution against harm
vault · safe · encryption · authentication · multi-factor · verification · redundancy · failsafe · foolproof · reinforced
triple-lockunlocked
Not fastened shut
unsecured · unprotected · open · vulnerable · exposed
triple-lockunguaranteed
Without formal assurance
means-tested · discretionary · revocable · unprotected · frozen
triple, lock, tripled, tripling, triples, triply, triplet, triplets, triplicate