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.