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.

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.

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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!

Key Takeaways

• Social security payments in Australia will see an increase due to indexation on March 20.
• Age pensions, disability support pensions, and carer payments will rise, with singles receiving an additional $19.60 and couples getting $29.40 more per fortnight.
• Other payments such as Commonwealth Rent Assistance, JobSeeker, Parenting Payment Single and ABSTUDY will also be indexed.
• The federal Social Services Minister highlighted that the increase will benefit some of the most vulnerable members of the community.

We'd love to hear from you, members. What are your thoughts on this latest round of increases? Share them in the comments below!

 

[IAN3005]

It won't make much of a difference especially that all your fruit vegies and energy bills have gone up.

They are pis**** in the wind.....

 

[IAN3005]

The measly 1% increase I received doesn't scratch the surface.
To come out I have had to cut back on the food, the pvt medical, and the phones, I wash up using cold water the next thing I'm considering is getting rid of the car.
Come July when the contract is up on the phone i will get rid of that as well.

 

[NotNats]

When working I always heard about winging pensioners now I am one -Twenty dollars is a disgrace (MY health care went up the same amount The cost of living is again going up. To be a pensioner should not mean subsistence living When you see people getting 120 thousand for holding stop and go signs yet people cannot buy a steak or just basics there's something wrong with the governments priorates

Just to let you know I was a Traffic Controller and I can tell you I never got a $120,000. per year. I was lucky to get $40,000.00 (before tax) per year. Our pay is based mainly on how may shifts we are allocated, area of shifts to be worked, length (hrs pre shift) of shifts. Very few TC's get permanent five day shift pay and most have to travel a long distance just to get a shift. And on top of all that we are never sometimes go for weeks without shifts. Yes, there is a lot of road works going on at the moment but not many of us can get permanent work even if we are permanent staff.

 

[skypilot]

I am a veteran does the increase apply to us?

 

[ToniaKisliakov]

Australians are finding it very tough thanks to the current govt, this small amount will not help ease anything. The power rebate of $12.50 per quarter won't a meal in a restaurant will it?

 

[melnugro]

There is an error in the base partner payment for March 20 2024. The figures are transposed, it should read $769.30 not $796.30 .

YES THERE IS A MISPRINT.

 

[Veggiepatch]

Why do I get the feeling that some people would still whinge if their pensions were doubled?

Move to Somalia or Myanmar and see how you would fair. Then your whinging may be justified.

 

[Lolli]

what do you mean Labour? Pollies have always lined their own pockets but I say thanks for small mercies. $20 is much better than the $2 per fortnight we used to get. Rudd was the one who gave us $40 and our rises went up a bit after that. That rise even allowed me to get a better car. Those greedy sods get pensions for all of their life, unlike us who leaves a job and get not a cent more.

It's not up to the government of the day the rise is set as a percentage depending on the cost of living increase. This is what needs to change.

 

[Zetec13]

When working I always heard about winging pensioners now I am one -Twenty dollars is a disgrace (MY health care went up the same amount The cost of living is again going up. To be a pensioner should not mean subsistence living When you see people getting 120 thousand for holding stop and go signs yet people cannot buy a steak or just basics there's something wrong with the governments priorates

My health is getting worse so am glad to have a little extra for medications although it is not enough have to. budget accordingly between meds and food

 

[Jest]

before i read the comments, I thought well this will be a good read. you did not disappoint. be bloody grateful.

 

[Nana Zorak]

Noticed with interest the slight increase but also the decrease in rental assistance? Has anyone else experienced this?

Yes, when we moved last November I noticed that although I was paying another $30 a week my rent assistence had gone down, so it is not a new thing.

 

[Jump]

I doubt very many will need to check their bank account, the extra money won’t go in til next payment, then it is so little most people probably won’t notice any difference. With any luck it might buy an extra loaf of bread so the people living below the poverty line might be able to afford to have bread and water For an extra couple of days a fortnight.

Noticed with interest the slight increase but also the decrease in rental assistance? Has anyone else experienced this?

i noticed I have not received a full pension rise nor any rise in rent assistance - my circumstances have not changed so have no idea why - just I guess means another day plus on the phone trying to find out what is going on - still waiting for an answer to my last call re rent assistance - told me he would call me back that was about three months ago - I fully believe they treat us like this in the hopwe will give up and just accept what they give us - and they are right - how long can one hang on the end of a phone

 

[Milica]

the only thing Hank Jongen does is grab his pay packet and even that probably goes straight into his bank.

Why would he care - he has no idea - for a start he would have to live it to experience how it feels for a pensioner on an aged pension with daily living expenses, utilities, food, medicines, car etc - in stating this every tiny bit helps - nearly $10 a week increase!

 

[Milica]

Just to let you know I was a Traffic Controller and I can tell you I never got a $120,000. per year. I was lucky to get $40,000.00 (before tax) per year. Our pay is based mainly on how may shifts we are allocated, area of shifts to be worked, length (hrs pre shift) of shifts. Very few TC's get permanent five day shift pay and most have to travel a long distance just to get a shift. And on top of all that we are never sometimes go for weeks without shifts. Yes, there is a lot of road works going on at the moment but not many of us can get permanent work even if we are permanent staff.

Just as a matter of interest if u don't mind, how much is the hourly rate paid when a person does get shifts and is it easier to get work out of the metropolitan area?

 

[Loubeauxarts]

Why do I get the feeling that some people would still whinge if their pensions were doubled?

Move to Somalia or Myanmar and see how you would fair. Then your whinging may be justified.

I agree % Veggie. Also the loudest whingers seem to be those in Govt housing because 25% of the increase goes towards rent. They don't stop to think what they would be paying if they had to navigate the private rental sector.

 

[Milica]

I agree % Veggie. Also the loudest whingers seem to be those in Govt housing because 25% of the increase goes towards rent. They don't stop to think what they would be paying if they had to navigate the private rental sector.

I don't think anyone would whinge if their pensions where doubled - why would we need to move - when we are still living below the poverty line in this country on the amounts of c/link benefits that one receives!

 

[Ingot]

Why do I get the feeling that some people would still whinge if their pensions were doubled?

Move to Somalia or Myanmar and see how you would fair. Then your whinging may be justified.

I don't live in Somalia with a Somalian C.O.L.
My taxes paid for schools, roads, hospitals, defence, welfare etc
Somalians don't pay for their infrastructure, and nor do a lot of north/western Africans.
I know - I have friends in Gambia whom I support occasionally.

I was informed the pension was indexed to Inflation.
How is 1.78% accurate for the past 6 months?
I'd like to see the politicians salaries and perks "linked to inflation."
We might see the real figures then.
They laugh at us being philosophical about it.
(btw: Is @Albo back in Australia this year?)

I'm not ok with being intentionally short-changed.
When they tell you it is indexed, then it must be indexed.

 

[Loubeauxarts]

The whole indexation issue is a colossal joke - and not a very funny one

 

[mc6463]

$20 is hardly a payrisr with the cost of living increases and food prices as they are,, pity albanese cant give us the pay rise he gave himself once he got into power

 

[Ingot]

Why would he care - he has no idea - for a start he would have to live it to experience how it feels for a pensioner on an aged pension with daily living expenses, utilities, food, medicines, car etc - in stating this every tiny bit helps - nearly $10 a week increase!

It's ok to be angry, Milica.
I admit to feeling short-changed here. We were led to believe for 6 months that the March increase would be "significant" to deal with rising C.O.L and rents etc.

Seems to me that welfare recipients are the ones doing the heavy lifting now, and our politicians who have had $14,600 increase since June 2022 are doing the heavy leaning.

Many people used their superannuation during Covid to make ends meet, now they can't even get decent pension topups.
Are we all in this together? No.
Is "nobody left behind?" Do the sums.

Elections next year - bet Labor will spin the reels and come up with a jackpot for pensioners just before the election! Bit cynical - yes.
But the increase in our pensions is an insult, when we see what politicians have been awarded.