‘This will help ease some pressure’: New Centrelink change set to impact pensioners
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Centrelink updates often brought financial changes that could make a significant difference for pensioners.
This week, adjustments to key pension thresholds are set to take effect—potentially allowing more seniors to qualify for support and increasing payments for those already receiving them.
Here’s what’s changing and what it could mean for seniors across the country.
Thousands of Australian seniors were set to gain access to the Age Pension as changes to income and asset thresholds came into effect on Thursday.
From 20 March, the upper limits for the income and asset tests used by Centrelink to determine eligibility increased, allowing more people to qualify for a part pension while also providing a slight boost to pension payments.
Australians aged 67 and older needed to meet both an income and asset test to receive the Age Pension.
With the updated thresholds, pensioners could now earn more and hold more assets while still qualifying for a part-payment.
Those receiving a part-pension were also entitled to the Pensioner Concession Card, which provided access to discounted healthcare, medication, and other savings worth over $1,000 annually.
The income limit for single pensioners to receive a part-pension rose to $2,510 per fortnight, an increase of $9.20.
For couples, the maximum fortnightly income to qualify for a part-pension increased by $14 to $3,836.40.
To receive the full Age Pension, singles could earn no more than $212 per fortnight, while couples had a combined limit of $372 per fortnight.
The figures did not include the work bonus scheme, which allowed pensioners to earn up to $300 per fortnight from employment without it affecting their pension.
The maximum assets single homeowners could hold while still qualifying for a part-pension increased to $697,000, while non-homeowners could now have up to $949,000.
For couples, the asset limit rose to $1,047,500 for homeowners and $1,299,500 for non-homeowners.
To receive the full pension, singles were restricted to $314,000 in assets as homeowners and $566,000 as non-homeowners.
For couples, the limits were $470,000 for homeowners and $722,000 for non-homeowners.
The Age Pension and other government payments, including JobSeeker, the Disability Support Pension, Carer Payment, and Parenting Payment, also increased on 20 March as part of regular indexation.
The maximum fortnightly rate for a single pensioner rose by $4.60 to $1,149.
Couples saw their individual payments increase by $3.50 to $866.10 each, bringing their combined total to $1,732.20—an overall increase of $7 per fortnight.
Social Services Minister Amanda Rishworth acknowledged the financial challenges faced by many pensioners, saying, ‘Indexation is a critical part of our social security safety net.’
‘For pensioners and other payment recipients receiving this financial boost, this will help ease some pressure.’
More changes are shaking up Centrelink payments—see how they could impact you!
With the new pension thresholds in place, will these changes make a real difference to your budget? Let us know your thoughts in the comments.
This week, adjustments to key pension thresholds are set to take effect—potentially allowing more seniors to qualify for support and increasing payments for those already receiving them.
Here’s what’s changing and what it could mean for seniors across the country.
Thousands of Australian seniors were set to gain access to the Age Pension as changes to income and asset thresholds came into effect on Thursday.
From 20 March, the upper limits for the income and asset tests used by Centrelink to determine eligibility increased, allowing more people to qualify for a part pension while also providing a slight boost to pension payments.
Australians aged 67 and older needed to meet both an income and asset test to receive the Age Pension.
With the updated thresholds, pensioners could now earn more and hold more assets while still qualifying for a part-payment.
Those receiving a part-pension were also entitled to the Pensioner Concession Card, which provided access to discounted healthcare, medication, and other savings worth over $1,000 annually.
The income limit for single pensioners to receive a part-pension rose to $2,510 per fortnight, an increase of $9.20.
For couples, the maximum fortnightly income to qualify for a part-pension increased by $14 to $3,836.40.
To receive the full Age Pension, singles could earn no more than $212 per fortnight, while couples had a combined limit of $372 per fortnight.
The figures did not include the work bonus scheme, which allowed pensioners to earn up to $300 per fortnight from employment without it affecting their pension.
The maximum assets single homeowners could hold while still qualifying for a part-pension increased to $697,000, while non-homeowners could now have up to $949,000.
For couples, the asset limit rose to $1,047,500 for homeowners and $1,299,500 for non-homeowners.
To receive the full pension, singles were restricted to $314,000 in assets as homeowners and $566,000 as non-homeowners.
For couples, the limits were $470,000 for homeowners and $722,000 for non-homeowners.
The Age Pension and other government payments, including JobSeeker, the Disability Support Pension, Carer Payment, and Parenting Payment, also increased on 20 March as part of regular indexation.
The maximum fortnightly rate for a single pensioner rose by $4.60 to $1,149.
Couples saw their individual payments increase by $3.50 to $866.10 each, bringing their combined total to $1,732.20—an overall increase of $7 per fortnight.
Social Services Minister Amanda Rishworth acknowledged the financial challenges faced by many pensioners, saying, ‘Indexation is a critical part of our social security safety net.’
‘For pensioners and other payment recipients receiving this financial boost, this will help ease some pressure.’
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With the new pension thresholds in place, will these changes make a real difference to your budget? Let us know your thoughts in the comments.
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