If you’ve been reading the news in Australia, you’ll know that there has been a change to one of the age pensions.
The Age Pension is a support payment that you can receive from the Australian government if you are old enough and meet certain requirements. The federal government announced a Centrelink Age Pension Increase for current and future pensioners. So, let’s learn more about this age pension increment with each specific.
How many Age pensions have been raised?
Despite a projected rise in government debt exceeding $1 trillion for the first time to meet the expenses of the epidemic, state payouts are being boosted to rise with inflation.
A single individual getting an age pension, disability assistance pension, or carers pay will see their rate rise to $987.60 per fortnight. Couples’ payouts will increase by $30.20 to $1488.80 per fortnight.
While analysing the Pension Increase 2022, we found that payouts will be made as the administration declares further financial aid for flood victims in NSW and a warning that the living costs will rise as food and fuel costs rise.
About Centrelink Age Pension
The Centrelink Age Pension is a regular payment to help with living costs if you’re retired and meet the eligibility criteria. To qualify for an Age Pension, you need to meet certain age and residency requirements and pass the income and assets tests.
You may be qualified for an age pension if you are above 65 years old. If you have not yet attained this age but have left the working, you may be eligible for a separate pension.
People’s Reaction on Centrelink Age Pension Increase
The government has announced its plan to increase Age Pension payments for retirees, and people are happy.
It’s great news for folks who rely on Centrelink benefits. Many users on social media praised the pay hike, claiming that it would help them cope with the covid issue.
List of payments that are expected to rise:
- Help with Rent – Singles’ benefits will increase by $3 per fortnight to $145.80. Parents with up to two kids will see a $171.50 rise – a $3.50 increase. Benefits for families with multiple children will rise by $3.92 to $193.62.
- JobSeeker – By Pension Increase 2022, A single individual without kids will obtain an increase of $13.20 to $629.50 per fortnight.
- Single Payment for Parents – Payment will increase by $18.10, bringing the total to $874.10.
- Age Pension – Pensions for a single individual, will rise by $20.10 every two weeks to $987.60.
The Federal Government of Australia has announced a rise to the age pension. Couples’ payouts will increase by $30.20 to $1488.80 per fortnight. Eligibility for Age Pension depends on your age residency status. It means you can have some income and assets above the limits and still qualify for part payment. Readers can check here more information here
Is this information useful to you? Then post down on Centrelink Age Pension Increase.
Also Read : – Kenny Ejim Basketball (Feb) Found Dead At The Age Of 27!