Single pensioners on the full age pension will receive an extra $22.20 per fortnight from next Friday, 20 March.
Couples on the full age pension will get an extra $16.70 per person, per fortnight.
The Department of Social Services has announced the next round of indexation changes on a bunch of social security payments.
They include the Age Pension, Disability Support Pension, and Carer Payment.
There are also changes to Jobseeker, the Parenting Payment, Youth Allowance, the ABSTUDY living allowance, and Commonwealth Rent Assistance.
The Federal Government indexes these payments twice yearly to keep up with inflation.
Here are the details.
New age pension payments from next week
The amounts above are for pensioners receiving the full age pension, including the ‘supplement’ and ‘energy supplement’.
From 20 March, the full age pension for singles will be $1,200.90 per fortnight, up from $1,178.70.
For couples, the full pension will increase to $905.20 per person, per fortnight, up from $888.50 per person, per fortnight.
People receiving the base rate of the full pension, without any supplements, will get a slightly lower increase.
Base rate single pensioners will receive an extra $20.60 per fortnight.
Base rate couples will receive an extra $15.50 per person, per fortnight.
Thus, the base pension for singles will rise to $1,100.30 per fortnight, up from $1,079.70.
For couples, the base pension will lift to $829.40 per person, per fortnight, up from $813.90 per person, per fortnight.
Are you eligible for the age pension in retirement?
Australians become eligible for the pension at 67 years of age (if born on or after 1 January 1957).
The pension is the main income support payment available to support the basic living standards of older Australians.
You do not need to be retired to be eligible; however, most people are at or near this stage of life by age 67.
The payment is intended as a social safety net for older Australians who cannot afford to support themselves in retirement.
Over time, superannuation is expected to become the main source of income in retirement, but the system is not there yet.
Superannuation was only introduced in Australia in 1992.
Therefore, many baby boomers are still reliant, at least in part, on social security to help them live comfortably.
Eligibility involves residency requirements, and you must pass the income and assets tests.
This next round of indexation changes includes increases to the limits on earnings and assets for a part-pension.
The limits for the full payment will not change next month.
Under changes to the income test, singles will be able to earn up to $2,619.80 per fortnight, up from $2,575.40, and still be eligible for a part-payment.
Couples will be able to earn up to $4,000.80 per fortnight, up from $3,934, and still be eligible for a part-pension.
Under changes to the assets test, single homeowners will be able to own $722,000 worth of assets, up from $714,500, and still be eligible for a part-payment.
Couple homeowners will be able to own $1,085,000 worth of assets, up from $1,074,000, and still be eligible for a part-pension.
The post How much will the age pension go up by next week? appeared first on The Motley Fool Australia.
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