2024 Australian Age Pension Increase: Eligibility and Date of Increase

Updated on February 29, 2024

In this article, you’ll discover details about the upcoming Australian Age Pension Increase, including when it will occur and the process to apply. The Australian Government has established a pension plan for its elderly residents, offering financial support to qualifying citizens based on their individual circumstances. Recently, the pension authorities have raised the benefit amount. For further insights on the Aged Pension Increase in Australia, how to access it, and additional information, keep reading.

Aged Pension Increase Australia

In 1909, the Australian Government launched a pension plan catering to individuals in their retirement years. Typically, pension increments occur annually in March and September.

In September 2023, pension rates were raised by $32.70 per individual by Australian pension authorities. These rates are influenced by the Consumer Price Index (CPI) and Pensioner and Beneficiary Living Cost Index (PRLCI). The authorities assess income and assets against set thresholds, with distinct criteria for both genders to qualify for the aged pension.

When is the Next Aged Aged Pension Increase?

The upcoming aged pension increase is set for 2024 in Australia. Given that the age pension is a fixed amount, adjustments are consistently made in March. The rate of benefits is raised in alignment with inflation, considering the male weekly payment rates and living costs.

In September 2023, the Australian Government raised the benefit rates on a fortnightly basis. For singles, the Aged Pension increased by $32.70, while for couples, it saw a rise of $24.70, with both adjustments applicable per fortnight. Eligibility for these benefits begins at the age of 65 for men and 60 for women.

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Changes in Aged Pension Rate

Navigating the retirement age becomes challenging when individuals face disabilities, relying on their families for financial support. In an effort to promote financial stability during this period, the Government provides assistance. The latest pension rates and other benefit rates are outlined in the updated table, ensuring individuals receive the necessary financial support.

 

Latest updated Single Person Couples (each)
Max Basic Rate 1,002.50 AUD 732.30 AUD
Max supplement 80.10 AUD 59.10 AUD
Energy Supplement 14.10 AUD 10.6 AUD
Total 1,096.7  AUD 802 AUD

The following table presents the most recent data on pension plan rates. A single individual is entitled to 1,096 AUD per fortnight, amounting to approximately 28,514 AUD annually. For a couple, each receives 802 AUD per fortnight, totaling around 21,494 AUD per year. When combining both rates, the yearly amount reaches 42,988 AUD.

In cases where a couple faces separation due to illness, each partner will individually receive the single-person rate, resulting in 2,193 AUD per fortnight. This adds up to an annual sum of 57,028 AUD.

How to Get an Aged Pension in Australia?

To qualify for the age pension, individuals must meet certain eligibility criteria, including age requirements specific to their age group. They need to be Australian residents with a minimum 10-year residency. Additionally, meeting the asset and income tests is crucial for qualification in the age pension program.

If you meet these criteria, you can initiate your age pension claim through the following steps:

  1. Begin by accessing your myGov account.
  2. Ensure that your account is linked to your Centrelink online account.
  3. Select whether you are applying as a couple or a single individual.
  4. Complete the required details on the webpage.
  5. Submit the necessary documents.
  6. Click on the claim option.
  7. You will receive a notification updating you on the status of your claim.
  8. Confirmation of eligibility or any additional information will be communicated to the applicant by the authorities.
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Aged Pension Increase Australia Documents Required

The application must be submitted with the aforementioned documents:

  1. Birth Certificate
  2. Driver’s License
  3. Bank account details
  4. Income Tax File Number
  5. Residence proof, including passport, citizenship document, etc.
  6. Documentation of estate assets
  7. Marriage certificate (if applying as a couple)
  8. Details of assets and income, such as deposit statements, insurance papers, property ownership details, and latest savings.

Ensure that these documents are attached to your online application. The authorities will review and verify the details, and you can expect notification within 14 days regarding the status of your claim.

 

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