Around 1 million Aussies on Centrelink payments will see a major boost to their payments on January 1, 2023. The new year will bring the cash boost to young people, carers and students on welfare payments when the most recent indexation will come into effect.
Almost 5 million Australians to get a boost to 2022 Centrelink payments. Almost 5 million Australians who get the Age Pension or other Centrelink payments will get a boost to their social security entitlements from 20 March.
Youth Allowance, Austudy, Abstudy and DSP and some other miscellaneous payments will increase from 1 January 2023. The full schedule of indexation adjustments is here.
How much is the DSP? The disability support pension was increased in December 2022 by the most it had been in 12 years – by 6.1%. According to YahooFinance, 1 million Australians on Centrelink payments saw a major boost to their payments on January 1, 2023.
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.
This means pensioners will be able to work more without losing out on their pension, either in short stints or over the course of a year. The maximum Work Bonus balance will increase from $7800 to $11,800. The changes are expected to remain in place until December 31, 2023.
When you claim a Pension Bonus, generally you must be an Australian resident and in Australia. You must work at least 960 hours during each 12 month period to pass the work test. We call this a bonus period. Only accruing membership can count toward your Pension Bonus.
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.
Eligible pensioners do not need to do anything, the $4,000 boost will be automatically credited to their Centrelink income bank from December 1, 2022 until December 31, 2023. It follows recent increases to the Age Pension, Carer Payment and Disability Support Pension.
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 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.
The lowest advance you can get is $250. The highest advance you can get is $500. We can pay the advance all at once.
- Domiciliary Care Allowance will increase by €20.50 to €330 per month with effect from January 2023. These measures build on the significant improvements to the means test for Carer's Allowance which I announced in Budget 2022, in recognition of the vital role that carers play in society.
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%.
About 1 million young people, carers and students will have their welfare payments boosted by up to $20 a week from January 1, 2023. The payments will by indexed by just over 6 per cent, it's been confirmed. WATCH THE VIDEO ABOVE: Major boosts for welfare payments.
Most people on a weekly social welfare payment will get a double payment in the week beginning 17 October 2022.
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.
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.
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.
CSPA welcomes confirmation in the Chancellor's Autumn Statement that the State Pension triple-lock will be restored for the uprating due from April 2023. This means that the basic and new State Pension rates will increase by 10.1% reflecting the September increase in the Consumer Prices Index.
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.
What is the Christmas Bonus? The Christmas Bonus is an extra payment for people getting a long-term social welfare payment, including Illness Benefit for 12 months or more. In 2022, the Christmas Bonus was 100% of your normal weekly long-term social welfare payment (the minimum payment is €20).
There's a $250 one-off payment for eligible customers to help with the cost of living. The Cost of Living Payment is a one-off payment. It's not taxable and you don't need to report it as income for income support purposes. To get it, you must be a Centrelink or Department of Veterans' Affairs (DVA) customer.
A cost of living support package has been put in place that includes one-off payments to those on income related benefits, disabled claimants and pensioners. These payments are intended to provide support to you with the current rise in the cost of living.