This means that with an above-indexation increase in pension credit a single pensioner could get up to £132.60 a week.
Fallon said: "In two weeks' time, everybody's tax-free allowance goes up to £11,000... Every pensioner is getting biggest ever real-terms increase in pension... Everybody under 40 is entitled to the lifetime savings allowance, everyone on low incomes will get a new living wage.
While the jump in inflation will damage the spending power of consumers, the September figures will prove a boost to pensioners as they are used to set the increase in pension payments for next year.
An increase in pension obligations can indirectly reduce profit.
The offer also included sharp increase in pension bene fits.
It will be the second increase in pension benefits in the past 12 months.
An increase in pension costs will reduce profit next year by about 6 cents, more than some analysts had expected.
"But the teachers are still asking for more" money and an increase in pension benefits, Mr. Zwilling said.
The proposed three-year contract included a wage increase that outpaced recent increases won by other nurses in the state and a 10percentt increase in pension contributions.
In some cases, Mr. Beilke said, the increase in pension obligations would increase what companies report as "pension expense" in their annual reports.
The ruling may lead to an increase in pension payments for some of the 65,000 people who worked for Pan Am when it shut down in 1991.
