Get all the latest updates on the Age Pension Increase 2024: Changes in Australia Pension in December? Amount And Eligibility Here. In the coming month, a few adjustments to these benefits will be introduced to individuals who have retired or are preparing to retire must be aware of.
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Age Pension Increase 2024
Citizens preceding retirement often wonder how much they could receive and which age rates apply to them. When Aussies reach a certain age, they can receive a pension, a regular Government payout to enjoy their retirement days. However, it is important to note that the amount the applicant receives depends on their income and assets.
Therefore, it is the best idea to have some additional amount saved up, and one of the most recommended ways to do this is by contributing to the superannuation, where the employee, along with the employer, has to contribute some amount to benefit you during retirement. Scroll down to acclimate more information on the Age Pension Increase for 2024.
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Changes in Australian Pension in December?
The Age Pension in Australia is managed by the Commonwealth Government. The only requirements apart from the age are the claimant’s residency status, assets, and income. The pension rates in Australia are revised and modified twice a year. This adjustment usually takes place in March and December.
Earlier in March, the pension rates were raised by $19.60 per fortnight for single individuals, whereas couples on advanced age pensions were eligible for $14.70 each fortnightly. These adjustments have been introduced to help retirees keep up with their living costs, constantly climbing due to inflation.
Age Pension Increase Amount
The next possible change for November 2024 is expected to begin on 20 November 2024. The periodic review of the pension amount ensures that the rates align with the living costs, providing retirees with a secure income. Review the table to know the maximum pension payment available to you each fortnight.
| Fortnightly | Single | Per Couple | Couple Combined | Couple separated due to ill health |
|---|---|---|---|---|
| Maximum Basic Rate | $1,020.60 | $769.30 | $1,538.60 | $1,020.60 |
As per the latest updates, there has been an advancement in the inflation rate by 0.6%. Therefore, the Australian government has announced to boost the pension rates by 1.8%. According to the latest report publicized by the officials, approximately 39% of the residents are receiving full age pension payments, whereas 24% are getting partial pensions.
Age Pension Eligibility
The Age Pension in Australia is a means-tested social security benefit, whereas superannuation is the retirement saving scheme to which individuals and employers contribute. To qualify for the Age Pension in Australia, individuals need to fulfill certain requirements set by the officials.
- The applicant must be aged 67 or over and have a valid Australian residency.
- The pension payment is majorly evaluated on the basis of what you earn and own. Therefore, the payment rates could vary depending on the claimant’s financial circumstances.
- To receive an age Pension, the applicant needs to remain in the country for a minimum of 22 years.
Once your application is accepted by Service Australia, the payment will be automatically paid to your bank account. It is advisable to regularly keep checking the leading Centrelink portal so that you do not overlook any official updates.
All We Know
The Government of Australia aids its residents by delivering financial help, including pensions, to assist them in managing their living expenses and other costs. The government has declared a hike in the age pension by 1.8% in the following month. In addition to that, Age Pension recipients can also receive pension supplement payments or energy supplement payments, making the age pension much more effective. The eligibility for the Age Pension is majorly affected by the income level and asset value of the applicant.
Different pension rates are set by the official for singles and married couples. Review the table to know the maximum pension payment available to you each fortnight. Being married can affect your pension payment. Always remember to inform the officials regarding any changes in the relationships so that you can receive your payment amount without any hindrance. If you want to receive first-hand information about new announcements and events from us, then kindly bookmark our portal.
Rohan Manjrekar is a writer and consultant in scholarships and financial aid, dedicated to simplifying college funding. His work focuses on debt reduction and maximizing educational access for students from all backgrounds.