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 federal government will change the pension work test and increase the amount age pensioners and veterans can earn before being financially penalised. As a temporary measure introduced in September 2022, age pensioners will be able to earn an extra $4000 this financial year.
DWP benefits that are linked to inflation rise by 10.1% in April 2023, as do the basic and new State Pension. Inflation-linked tax credit elements and benefits administered by HMRC are also expected to rise by 10.1%.
How much will the state pension be from April 2023? The state pension is set to increase by more than 10% in April 2023.
Pension members to receive up to 5.3% increase
The movement in the CPI (All Groups Sydney Index) from 30 June 2021 to 30 June 2022 was 5.3%.
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.
Chancellor confirms triple-lock 10.1% increase in State Pensions from April 2023.
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.
Pension increase. 2022's 3.1% increase to pensions is based on the Consumer Price Index (CPI) on 30 September in the previous year.
The Department for Work and Pensions (DWP) has confirmed that State Pension payments will increase by 3.1% in line with the Consumer Price Index (CPI) from April 11, 2022.
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.
A person must reside in Australia at the time of the claim and have 10 years of continuous residence (5 continuous years if the total residence period exceeds 10 years). The Age Pension age is not an official retirement age. There is no official retirement age in Australia.
Most people on a weekly social welfare payment will get a double payment in the week beginning 17 October 2022.
So today, automatically, there's an extra $4,000 credited. "It means that pensioners over the next 12 months will be able to do extra work without having their pension affected." The increased Work Bonus income bank will be in place until December 31, 2023 and is available to pensioners over the age pension age.
The latest figures from the Office for National Statistics revealed that the Consumer Prices Index (CPI) increased by 10.1 per cent in the 12 months to September 2022, meaning that pensioners would be in store for a record increase under the state pension triple lock.
Chancellor announces £300 fuel payment for pensioners and £400 energy discount for all households. Britons aged 65 and over are to be given an extra £300 winter fuel payment as part of the Chancellor's cost of living rescue package.
Means-tested benefits claimants, including those receiving Pension Credit, Universal Credit and tax credits, will receive £900 in 2023-24 to help with the rising cost of living. The exact dates when payments will be made are yet to be confirmed.
The £300 payment will be made on top of Winter Fuel payments, which in late 2022 were made to nearly every pensioner who turned 66 born before September 26, 2022. In winter 2023/2024, the Winter Fuel and Cost of Living Payments are expected to be made to those who reach the state pension age before September 25, 2023.
However, on 2 September 2022 the Prime Minister announced that Age Pensioners will be able to earn an additional $4,000 in the 2022–23 financial year before it affects their pension.
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 $29.40 per person per fortnight for a couple.
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.
On 11 April 2022, UK benefits and state pension payments increased by just over three per cent.