the value of the state pension has not been subject to austerity measures, being increased each year since 2011 by a minimum of 2.5% per annum. however, some people have been adversely affected financially in their 60s by the rise in the age at which the state pension is first paid. the decision to equalise the state pension ages of men and women was made by the government in 1995. from 2010 the women's state pension age was steadily raised from 60 with the aim of matching that of men at 65 by 2018. an additional increase to 66 for both sexes is intended to be implemented by 2020. research by the institute for fiscal studies (ifs) in 2017 found that the household incomes of over one million women aged between 60 and 62 had become £32 a week lower on average, and that poverty rates among that group had risen. the ifs also calculated that the reduction in state expenditure combined with the additional tax income from women continuing to work in their 60s resulted in a net increase in state revenue of £5.1 billion per year.