Latest Age Pension changes (from 20 March 2023) From 20 March 2023 the maximum full Age Pension increases $37.50 per fortnight for a single person, and $28.20 per person per fortnight for a couple.
Full Age Pension income threshold increases by: Singles threshold $204 per fortnight, increase is $14 per fortnight, $364 per annum. Couples threshold $360 per fortnight, increase is $24 per fortnight, $624 per annum.
Incentives to work
The government will provide $3.7 million in 2023–24 to extend the measure to provide age and veteran pensioners a once-off credit of $4,000 to their Work Bonus income bank and temporarily increase the maximum income bank until 31 December 2023.
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.
Eligible pensioners have had $4,000 credited to their Work Bonus balance since 1 December 2022, increasing the maximum Work Bonus balance from $7,800 to $11,800. This measure extends the increase to 31 December 2023. The Work Bonus concession of $300 per fortnight will stay the same.
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.
However, it implies the 20 September 2023 Age Pension increase may be smaller than anticipated. For a single pensioner, a 2.2 per cent increase denotes a rise of $23 per fortnight for a total of $1087. For couples, the increase would be $35, totalling $1639 per fortnight.
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 first full payment at the new rates of pension will be payday 6 April 2023. The maximum rate of single service pension will rise by $37.50 to $1,064.00 per fortnight and the maximum rate for couples will increase by $28.20 to $802.00 per fortnight (each).
Local Government pensions will increase by 10.1 per cent. We adjust pension benefits in April each year to reflect the cost of living. This includes pension accounts for contributing members, benefits on hold pensions and pensions in payment.
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.
1 July 2023 the full pension is available, under the assets test, for homeowner singles whose assessable assets are under $301,750 – for homeowner couples the number is $451,500.
Currently, a pensioner can only earn up to $240 per week before they lose the pension by 50 cents in the dollar. That means they can only really work one day a week before getting penalised (depending on their remuneration). If they earn more than about $33,000 per year—which includes their pension—they also get taxed.
The $4,000 boost will be available until 31 December 2023, after initially being flagged to remain in place only until the end of this current financial year. Key points: Eligible pensioners will receive a one-off $4,000 boost to Work Bonus balances from 1 December, 2022.
Australians born on or after January 1, 1957, will have to reach 67 years of age before becoming eligible for the pension as part of the new rules. The July 1 changes will also mean singles can earn $204 a fortnight and couples $360 a fortnight, before losing their full pension.
You can get up to $600 for each person you provide care for. You won't be eligible for Carer Supplement if you get Age Pension. But you will get Carer Supplement for each person you get Carer Allowance for.
Age Pension age
66 years and 6 months, if you were born between 1 July 1955 and 31 December 1956. 67 years, if you were born on or after 1 January 1957.
Around 1.1 million Aussies are set to get a $40-a-fortnight boost. Aussies receiving Centrelink JobSeeker payments are one step closer to receiving a $40-per-fortnight cash boost. New laws increasing JobSeeker - along with Youth Allowance, Austudy and other welfare payments - were introduced to parliament on Thursday.
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.
The pension bonus scheme provides incentive for older Australians to remain in the workforce and defer receipt of income support pension. The incentive is a non-taxable “one off” lump sum amount payable if all eligibility criteria and rules are satisfied.