You could be getting a cash boost! Read on if you’re a welfare or pension recipient
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With inflation at an all-time high, it’s Australians living on fixed incomes such as retirees, veterans, and pensioners who are feeling it most.
Luckily, it is said that almost 5 million Australian retirees are due to receive increased welfare and pension payments starting Thursday, as a result of the inflation rate hitting its highest point in decades.
Amanda Rishworth, the Minister for Social Services, said that the increase in payments is the largest in over 30 years for allowances and 12 years for pensions.
She went on to say that the payments are going to 'help all Australians, including veterans,' by easing the cost of living pressures.
Meanwhile, Matt Keogh, the Minister for Veterans’ Affairs, said that the Labor party is guided by principles that ‘ensure no one is left behind and no one is held back’.
The increase in the payments aims to 'help all Australians, including veterans,' during this time of inflation, according to the Minister for Social Services Amanda Rishworth. Credit: NCA NewsWire / Martin Ollman.
But if you're scratching your head trying to figure out why this is happening, it's not because the government decided to give you a pay raise.
The reason your pension and welfare payments are about to get bigger is because Australian pensions are subject to an automatic recalculation every six months that corresponds to a change in the consumer price index.
In the most recent round of indexation, the service pension, age pension, disability support pension, and carer payment have all increased by $38.90 per fortnight for singles and $58.80 per fortnight for couples.
The maximum pension rate has been raised to $1026.50 a fortnight for singles and $773.80 for each retiree in a pair, for a total of $1547.60 per couple, including the pension supplement and energy supplement.
At the same time, those who receive the minimum Jobseeker payment will receive an increase of $25.70 every fortnight, while those receiving the parenting payment will receive an increase of $35.20 every fortnight.
While the increase is welcome news for those who are struggling to make ends meet, it is only a temporary measure that does not address the underlying problems facing many Australians.
The cost of living is rising faster than wages, and this is putting immense pressure on families and individuals across the country.
Many are forced to choose between essentials like food and rent, and the increase in pension payments will do little to alleviate this financial stress.
What is needed is a long-term solution that addresses the cost-of-living crisis.
What are your thoughts on this? Better yet, will this increase make a significant impact to your budget? Let us know in the comments below!
Luckily, it is said that almost 5 million Australian retirees are due to receive increased welfare and pension payments starting Thursday, as a result of the inflation rate hitting its highest point in decades.
Amanda Rishworth, the Minister for Social Services, said that the increase in payments is the largest in over 30 years for allowances and 12 years for pensions.
She went on to say that the payments are going to 'help all Australians, including veterans,' by easing the cost of living pressures.
Meanwhile, Matt Keogh, the Minister for Veterans’ Affairs, said that the Labor party is guided by principles that ‘ensure no one is left behind and no one is held back’.
The increase in the payments aims to 'help all Australians, including veterans,' during this time of inflation, according to the Minister for Social Services Amanda Rishworth. Credit: NCA NewsWire / Martin Ollman.
But if you're scratching your head trying to figure out why this is happening, it's not because the government decided to give you a pay raise.
The reason your pension and welfare payments are about to get bigger is because Australian pensions are subject to an automatic recalculation every six months that corresponds to a change in the consumer price index.
In the most recent round of indexation, the service pension, age pension, disability support pension, and carer payment have all increased by $38.90 per fortnight for singles and $58.80 per fortnight for couples.
The maximum pension rate has been raised to $1026.50 a fortnight for singles and $773.80 for each retiree in a pair, for a total of $1547.60 per couple, including the pension supplement and energy supplement.
At the same time, those who receive the minimum Jobseeker payment will receive an increase of $25.70 every fortnight, while those receiving the parenting payment will receive an increase of $35.20 every fortnight.
While the increase is welcome news for those who are struggling to make ends meet, it is only a temporary measure that does not address the underlying problems facing many Australians.
The cost of living is rising faster than wages, and this is putting immense pressure on families and individuals across the country.
Many are forced to choose between essentials like food and rent, and the increase in pension payments will do little to alleviate this financial stress.
What is needed is a long-term solution that addresses the cost-of-living crisis.
What are your thoughts on this? Better yet, will this increase make a significant impact to your budget? Let us know in the comments below!