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 March 2023, some veterans and their families will receive an increase to their pension payments in line with increases in the cost of living. You don't have to do anything to receive the increase, it will be automatically included in your next payment.
The payment rates for Age Pension, Carer Payment and Disability Support Pension are increasing from 20 March 2023. Age Pension, Carer Payment and Disability Support Pension will increase by $37.50 a fortnight for singles and $56.40 a fortnight for couples combined.
Single age and disability pension recipients and carers will receive an increase of $37.50 a fortnight, and couples a combined $56.40. WATCH THE VIDEO ABOVE: NSW Coalition makes pitch to parents ahead of state election.
A one-off payment of $250 will be made to individuals who are currently in receipt of Australian government social security payments, including pensions, to ease cost of living pressures. A single Paid Parental Leave scheme of up to 20 weeks paid leave will replace the existing system of 2 separate payments.
Labor has said it will give $250, to be matched by another $250 from the federal government, to concession card holders, Family Tax Benefit recipients and self-funded retirees with a Commonwealth Seniors Health Card.
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.
The Work Bonus income bank is useful for pensioners who wish to work, particularly those who undertake intermittent or occasional work. Note: from 1 December 2022 to 31 December 2023, a one-off, temporary credit of $4,000 applies to Work Bonus income bank balances.
The cash boost comes as part of a twice-yearly indexation of welfare payments, driven higher by rising cost of living. From March 20, the maximum fortnightly pension rate will jump to $1064 for singles and $1604 for couples.
You can get the Work Bonus if both of these apply to you. You: are Age Pension age and over. get Age Pension, Carer Payment or Disability Support Pension.
From 20 March 2023 the maximum rate of the single age pension will rise by $37.50 per fortnight (taking the single age pension from $1026.50 to $1064) and for couples, by $56.40 per fortnight (taking their payment from $1547.60 to $1604 combined).
Latest Age Pension rates (from 20 September 2022)
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 relief will be given to Aussies receiving income support, such as those on JobSeeker, pensioners and Commonwealth Seniors Health Card holders, Family Tax Benefit A and B recipients and eligible small business owners. Amounts and details will vary between states and territories.
A one-off $250 Cost of Living Payment will be paid to eligible recipients from the end of April 2022.
Make your claim
If your Centrelink account is linked to myGov you can claim online. To do this: Sign in to myGov. Select Make a claim or view claim status, then Make a claim.
The Government has provided two separate $750 payments to social security, veteran and other income support recipients and eligible concession card holders. Around half of those that benefit are pensioners. These payments will support households to manage the economic impact of the Coronavirus.
The Carer Supplement is an annual payment of $600 which is attached to each Carer Allowance. The Supplement is paid in July each year.
The basic rate of pension supplement is: $27.20 – single. $22.40 – partnered (each)
In the first week after this vaccination rate was reached, a $450 payment rate would apply for those who had lost eight or more hours of work (or a full day of their usual hours per week) except for those on income support who could receive a rate of $100.
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 can leave your money in your pension pot and take lump sums from it as and when you need, until your money runs out or you choose another option. In some cases, the best way to take money out of your pension is to withdraw a series of lump sums over time, instead of taking all the tax-free cash in one go.
You can apply for weekly payments at any time if you're already getting a payment from us. You can also apply if you're making a new claim for an income support payment and you can't apply online. You can either: call us on your regular payment line.
A Lump Sum withdrawal is simply an amount accessed from your SMSF that is not a Pension payment. You can make Lump Sum withdrawals whenever you like from your SMSF once you turn 65 or are aged between preservation age and 64 and "Retired", regardless of whether you have commenced a Pension.