Cost of living payment The Federal Government will provide a one- off, tax-exempt payment of $250 to eligible people including: pensioners, welfare recipients, veterans and concession card holders – to be paid automatically into their account.
Budget October 2022-23
Eligible pensioners will get $4,000 credited to their Work Bonus balance from 1 December 2022. The maximum Work Bonus balance will increase from $7,800 to $11,800 until 30 June 2023. The Work Bonus concession of $300 per fortnight will remain unchanged.
Eligible pensioners will receive a one-off $4,000 boost to Work Bonus balances from 1 December, 2022. The $4,000 bonus will lift the income cap lift from $7,800 to $11,800 for eligible pensioners.
From 20 September 2022 the maximum full Age Pension increases $38.90 per fortnight for a single person, and $58.80 a fortnight for a couple.
The temporary income bank top-up will increase the amount pensioners can earn in 2022–23 from $7,800 to $11,800, before their pension is reduced. This will assist pensioners who want to work, or work more hours, to do so to a greater extent before their benefits are impacted.
Introduction. If you're a pensioner currently receiving support through Centrelink, you may be eligible for extra help with bills and medicine costs through the Pension Supplement. This supplement is a combined payment of Pharmaceutical Allowance, Utilities Allowance, GST Supplement and Telephone Allowance.
A 10 per cent increase to the Old Age Security (OAS) pension for seniors 75 years and older, which began in July 2022, and will provide more than $800 in new support to full pensioners over the first year, and increase benefits for more than three million seniors.
Since 2010, the state pension has increased in line with the triple lock commitment. This was suspended in 2022 but brought back in 2023 – much to the relief of pensioners.
The state pension should have risen by 8.1pc in April 2022 but the Treasury opted only to increase the payment by the 3.1pc inflation figure.
You may notice an increase to your Age Pension payment from 20 September 2022. This is the date the rates for Age Pension payment are adjusted. This happens twice a year, in March and again in September.
From 20 September 2022 the maximum full Age Pension increases $38.90 per fortnight for a single person, and $29.40 per person per fortnight for a couple.
Qualifying means-tested benefit recipients will receive three payments totalling £900. Disability and Pensioner Cost of Living Payments will remain the same in cash terms as those provided in 2022/23.
Lower-income pensioners who claim pension credit will receive the money in addition to the £650 support for those on benefits. This means a small group of pensioners with disabilities will receive a total of £1,500.
The Cost of Living Payment is a $250 one-off payment to help with the cost of living. The Cost of Living Payment is not taxable, and you don't need to report it as income. You'll get it if you were residing in Australia on 29 March 2022, and: you were able to claim, or were getting an eligible payment.
For pensioners who are working
In 2022–23 the top up will increase from $7,800 to $11,800, before their pension is reduced. As a result, more pensioners will earn mandatory super (subject to age-based work tests), particularly since the $450 earnings threshold was removed. Changes are effective from 1 July 2022.
Seniors aged 75 and over will see an automatic 10% increase of their Old Age Security pension, as of July 2022.
When you'll get paid. You'll get the £300 with your normal payment from November 2022. You'll get this in addition to any low income or disability Cost of Living Payments you qualify for. The full amount of Winter Fuel Payment you'll get for 2022 to 2023 depends on your circumstances.
It has been confirmed that the State Pensions and benefits will be increased by 3.1 percent next year.
In the Autumn Statement given back in November, Chancellor Jeremy Hunt reinstated the triple lock, meaning the state pension will rise to match inflation - to 10.1 percent in April 2023.
The Department for Work and Pensions (DWP) has today announced more detail on the payment schedule for the next round of cost of living support unveiled in the Chancellor's Autumn Statement, building on payments made to over eight million people in 2022.
Older people are giving a sigh of relief, as the Chancellor has pledged to restore the triple lock in 2023, which will see a 10.1 per cent increase on state pensions and pension credit next April.
MILLIONS on benefits including Universal Credit will receive a pay boost from April 2023. Benefits will rise in line with the consumer price index (CPI) level of inflation for September, which was 10.1%.
For seniors 75 and up as of July 2022, we're going to increase Old Age Security by 10% - putting more money in the pockets of over 3 million seniors. For those 75 and up as of June 2022, we're also going to provide a one-time Old Age Security payment of $500 this August.
Eligible pensioners will receive a one-off $4,000 boost to Work Bonus balances from 1 December, 2022. The $4,000 bonus will lift the income cap lift from $7,800 to $11,800 for eligible pensioners.