Centrelink age pension rules were tweaked on July 1, 2024, and thousands of older Australians will accrue its benefits, which will afford them enhanced financial flexibility and improve their quality of life.
The base pension rates remain unchanged but tweaks to the income and asset test thresholds mean that many pensioners will see higher payments.
The changes will also benefit people who qualify for the age pension or move from part pensions to full pensions.
The welfare payments, the age pension, JobSeeker, and Commonwealth Rent Assistance have been augmented to care for inflation and increasing cost of living.
To take care of the cost of living pressures, the age pension has been augmented by $28.10 a fortnight for singles with an upper limit of $1,114.40 a fortnight. Couples have not been left out and they will be benefited by a raise of $21.20 a fortnight and they will get $862.60 each per fortnight, or $1,725.20 total.
The payment increase is timely especially in view of the surging consumer price index (CPI). However, experts contend that despite the increase, the payments fall woefully short of alleviating the sufferings of Australians caused by cost of living pressures. This was voiced by the Australian Council of Social Service (ACOSS) which stated that the increase is insufficient to to help people cover the costs of basics.
A report released by the Council on the Ageing (COTA) states that six in ten senior Australian citizens are in some sort of financial distress while National Seniors Australia found three fourth of people above the age of fifty severely affected by the rising living costs. The seniors found energy bills, health expenses and groceries being the prominent and most cumbersome financial concerns.
When Is The Next Age Pension Relief?
Age Pension Relief is revised twice a year to tackle inflation and wages. The revision is done usually on 20th March and September every year. Hence the pensioners can expect a payment rise increase by March 2025.
Retirement age in Australia
The minimum benchmark to obtain the pension is 67 years along with passing income and asset tests.
From July 1, the income test benchmarks will see the following tweaking:
Single Pensioners: Pensions will increase $204 to $212 per fortnight and on reaching the upper limit, the pension amount will decrease by 50 cents for every dollar over the limit.
Married Pensioners: Together the pension will rise from $360 to $372 per fortnight for couples and on reaching the upper limit the pension amount will decrease by 50 cents for every dollar over the limit.
Australia $300 to $1300 Energy discounts
Every Australian home will be entitled for $300 to $1300 Energy bill discounts this month
The essential criteria for availing these discounts are as follows-
- Single Pensioners: The upper limit increased from $2,436.60 to $2,444.60 per fortnight.
- Couple Pensioners: The upper limit increased from $3,725.60 to $3,737.60 per fortnight.
Also Read: Social Security Benefits in 2025: Projecting the Latest COLA Increase Estimates for You
