Chancellor Rishi Sunak has defended restoring the triple lock, which could see pensions rise by 10% in line with inflation.
It comes as the government warns workers not to expect pay rises to keep pace with increasing costs.
Economist and Labour adviser Jim O'Neill said the "constant protection of pensioners" was "ludicrous".
But Mr Sunak said pensioners were "among the most vulnerable in society" and needed to be protected.
Inflation - the rate at which the price of things like food and fuel rise - has hit a 40-year high of 9.1% and the Bank of England has predicted it will grow to 11% later this year.
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