Are you ready for a bigger pension? Here's how millions are getting their boost
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Heads up, members: there's a financial uplift on the way for millions of Australians who rely on social security payments.
A welcome increase will be reflected in the pockets of age pensioners, disability support recipients, and carers, thanks to the latest round of indexation.
This is a routine adjustment, but it's one that can make a significant difference in the day-to-day lives of many.
Starting tomorrow, March 20, single recipients of the age pension, disability support pension, and carer payments will see their fortnightly payments rise by $19.60. Couples will enjoy a combined increase of $29.40 per fortnight.
Counting the pension supplement and the energy supplement, the maximum rate for singles is $1,116.30 and for couples $1,682.80 every two weeks.
Federal Social Services Minister Amanda Rishworth highlighted the importance of this increase, acknowledging that 'Pension recipients are some of the most vulnerable members of our communities, many having worked all their lives contributing to our society or caring for a loved one.'
Commonwealth Rent Assistance, JobSeeker, Parenting Payment (Single), and ABSTUDY have also been indexed, ensuring that these payments keep pace with the cost of living.
JobSeeker and ABSTUDY recipients aged 22 and over will see their single, without child rate increase by $13.50 a fortnight, totaling $771.50 (including the energy supplement).
Couples on these payments will receive an additional $12.30 each per fortnight, with their new rate being $706.20, energy supplement included.
Single parents receiving the parenting payment will also benefit from an extra $17.50 every two weeks. This brings their total fortnightly payment to $1,006.50, inclusive of the pension supplement, pharmaceutical allowance, and energy supplement.
It's not just the payment rates that are on the rise; the income and assets limits for these payments will also see an increase as a result of the indexation.
This means that recipients can potentially earn more or have more in savings without affecting their eligibility for these crucial payments.
For those eager to see the complete list of changes, they can be found here, providing a detailed breakdown of how the indexation will be applied across the various payments.
If you're unsure about how the indexation affects you or if you have questions about your eligibility, don't hesitate to reach out to the Department of Social Services for more information.
Speaking of eligibility, did you know there’s another form of assistance you could be missing out on? Find out more about it here!
We'd love to hear from you, members. What are your thoughts on this latest round of increases? Share them in the comments below!
A welcome increase will be reflected in the pockets of age pensioners, disability support recipients, and carers, thanks to the latest round of indexation.
This is a routine adjustment, but it's one that can make a significant difference in the day-to-day lives of many.
Starting tomorrow, March 20, single recipients of the age pension, disability support pension, and carer payments will see their fortnightly payments rise by $19.60. Couples will enjoy a combined increase of $29.40 per fortnight.
Counting the pension supplement and the energy supplement, the maximum rate for singles is $1,116.30 and for couples $1,682.80 every two weeks.
Senior pensioner couples can get up to $841.40 weekly in line with tomorrow’s indexation. Image Credit: Shutterstock
Federal Social Services Minister Amanda Rishworth highlighted the importance of this increase, acknowledging that 'Pension recipients are some of the most vulnerable members of our communities, many having worked all their lives contributing to our society or caring for a loved one.'
Commonwealth Rent Assistance, JobSeeker, Parenting Payment (Single), and ABSTUDY have also been indexed, ensuring that these payments keep pace with the cost of living.
JobSeeker and ABSTUDY recipients aged 22 and over will see their single, without child rate increase by $13.50 a fortnight, totaling $771.50 (including the energy supplement).
Couples on these payments will receive an additional $12.30 each per fortnight, with their new rate being $706.20, energy supplement included.
Single parents receiving the parenting payment will also benefit from an extra $17.50 every two weeks. This brings their total fortnightly payment to $1,006.50, inclusive of the pension supplement, pharmaceutical allowance, and energy supplement.
This means that recipients can potentially earn more or have more in savings without affecting their eligibility for these crucial payments.
For those eager to see the complete list of changes, they can be found here, providing a detailed breakdown of how the indexation will be applied across the various payments.
If you're unsure about how the indexation affects you or if you have questions about your eligibility, don't hesitate to reach out to the Department of Social Services for more information.
Speaking of eligibility, did you know there’s another form of assistance you could be missing out on? Find out more about it here!
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