Using the 6.9% annual CPI, less 4% already used as an adjustment in September 2022, will result in a further increase of 2.9%.
As a temporary measure introduced in September 2022, age pensioners will be able to earn an extra $4000 this financial year. They can now earn a maximum income of $11,800 before penalties kick in. This measure is set to end 30 June 2023.
The payment rates for Age Pension, Carer Payment and Disability Support Pension are increasing from 20 March 2023. Age Pension, Carer Payment and Disability Support Pension will increase by $37.50 a fortnight for singles and $56.40 a fortnight for couples combined.
From 20 March 2023, some veterans and their families will receive an increase to their pension payments in line with increases in the cost of living. You don't have to do anything to receive the increase, it will be automatically included in your next payment.
Eligible pensioners have had $4,000 credited to their Work Bonus balance since 1 December 2022, increasing the maximum Work Bonus balance from $7,800 to $11,800. This measure extends the increase to 31 December 2023.
Aussies who compare energy providers will receive a one-off $250 payment, as part of a new NSW election promise. NSW households will receive a $250 cost-of-living payment for comparing energy providers, if the Coalition is re-elected in March.
This measure will increase the base rate of working age and student payments, including JobSeeker Payment*, Youth Allowance, Parenting Payment (Partnered), Austudy, ABSTUDY, Disability Support Pension (under 21 without a dependent child), Special Benefit and Farm Household Allowance by $40 per fortnight, in recognition ...
The Order is currently linked to the Consumer Prices Index (CPI) and is based on CPI as at the previous September. CPI at September 2022 was 10.1% which means that your pension will increase by 10.1% from 10 April 2023.
Those on JobSeeker will receive an increase in their payments of $40 a fortnight from 20 September this year, while those over 55 on JobSeeker will receive an increase of $92.10 a fortnight, which is currently reserved for those over 60.
The Work Bonus income bank is useful for pensioners who wish to work, particularly those who undertake intermittent or occasional work. Note: from 1 December 2022 to 31 December 2023, a one-off, temporary credit of $4,000 applies to Work Bonus income bank balances.
If you're a pensioner currently receiving support through Centrelink, you may be eligible for extra help with bills and medicine costs through the Pension Supplement. This supplement is a combined payment of Pharmaceutical Allowance, Utilities Allowance, GST Supplement and Telephone Allowance.
Latest Age Pension changes (from 20 March 2023)
From 20 March 2023 the maximum full Age Pension increases $37.50 per fortnight for a single person, and $28.20 per person per fortnight for a couple. Note: Annual amounts are approximate. The figures above include the pension and energy supplements.
"The Australian Government is continuing to deliver tax relief, with a one-off payment of $250 to be made to eligible pensioners, welfare recipients, veterans and eligible concession card holders, to be paid automatically in April 2022," Mr Coleman said in his review of Budget 2022-2023.
You can get the Work Bonus if both of these apply to you. You: are Age Pension age and over. get Age Pension, Carer Payment or Disability Support Pension.
The Premier's Back to School program will provide a $150 subsidy for each child who attends a primary or secondary school in New South Wales in 2023. Parents will receive help to pay for school supplies thanks to a new $193 million program in the 2022-23 NSW Budget.
Age Pension age is: 65 years and 6 months, if you were born between 1 July 1952 and 31 December 1953. 66 years, if you were born between 1 January 1954 and 30 June 1955. 66 years and 6 months, if you were born between 1 July 1955 and 31 December 1956.
A triple lock was introduced to the UK state pension in 2010. It was a guarantee that the state pension would not lose value in real terms, and that it would increase at least in line with inflation. To make the guarantee even more secure, it included three separate measures of inflation (hence 'triple lock').
The Local Government Pension Scheme is often viewed as one of the most valuable financial rewards of your job providing you with a secure, Government backed, guaranteed income, when you retire.
Under the additional State Pension someone's GMP entitlement is deducted from the amount they would have accrued had they not contracted-out. The person is entitled to the remaining amount of the additional State Pension.
The future of payments will involve a greater emphasis on digital and mobile payments, as well as the continued development of peer to peer technologies. Also, Contactless payments, using technologies like NFC, will become more prevalent.
But after widespread speculation, it has now been confirmed that all JobSeeker recipients will see their payments go up by $40 per fortnight, as well as those on Youth Allowance, Austudy and other income support payments.
When you turn 60. If you're 60 or older, you can meet your mutual obligation requirements through any of these: 30 hours per fortnight of approved voluntary work. 30 hours per fortnight of suitable paid work where the income is equal to or more than the minimum wage.