Aged Pension Increase Australia: When can we expect the next Aged Pension Increment?

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By CRPIT Editor

Aged Pension Increase Australia: The government of Australia provides a pension plan for all senior citizens. Under the Aged Pension plan, the government provides a certain amount as a fund to eligible old residents. The amount of the pension plan for each individual is decided considering various aspects. According to the reports, there are some changes in the Aged Pension Increase in Australia. Considering the current scenario where costs of living are increasing, it becomes necessary to increase the Aged Pension amount as well so the citizens can adjust accordingly.

Readers who are looking for information that can help them gather as much information regarding the Aged Pension Increase Australia. Such as When can we expect the next Aged Pension Increment? and others have landed on the right page. Scroll down the page and get all the queries resolved.

Aged Pension Increase Australia

The government of Australia introduced the Pension plan to its citizens in 1909. It was started solely for the old age who are retired and cannot provide financial help to themselves anymore. As per the officials, the pension plan is usually increased by them in March and September of every year. The Aged Pension Increase Amount was $32.70 for every individual after September 2023.

Now, the people of Australia are waiting impatiently to get information regarding the next increment, which is scheduled to happen in March 2024. Please note that the rate of the Aged Pension depends on the PRLCI and CPI. The concerned officials also check the assets and income of the beneficiaries. The criteria for offering Aged Pension are different for both genders.

Aged Pension Increase Australia

When can we expect the next Aged Pension Increment?

It is officially scheduled that the next increment in the Aged Pension Australia will be in 2024. Please note that the Aged Pension remains the same for the whole year. However, some changes are made in the scheduled months. So, the next change is going to take place in March 2024. The rate of benefits gets increased on the payment rates made weekly along with the living cost due to rising inflation.

The rates of benefits increased by $24.70 for couples, and the pension amount for single individuals was increased to $32.70. These increments have been made every fortnight. Women and men over 60 will receive these benefits.

Australia Old Age Pension Increase Amount 2024

Various health issues are faced by people who come under the retirement age. Those people become dependent on others for their monthly or day-to-day expenses. To offer some amount of relief to those, the government decided to offer financial help. According to the latest reports, the individual who is eligible for the pension will get the amount mentioned in the table attached below:

Updated OneCouples (each)Single Person
Max supplement59.10 AUD80.10 AUD
Energy Supplement10.6 AUD14.10 AUD
Max Basic Rate732.30 AUD1,002.50 AUD
Total802 AUD1,096.7 AUD

As per the table attached above, people coming under the Single category will be eligible for 1,096 AUD per fortnight which equals the amount 28,514 AUD. Individuals coming under the couple category will get 802 AUD each which equalized 21,494 per year. After combining both of the mentioned rates, they get 42,988 AUD every year.

The amount of the couple’s pension will be equal to the amount of the single individual’s pension. In case the couple is separated due to illness, then both of them will get a single-person amount.

Eligibility Criteria for the Aged Pension Increase Australia

The following sections aim to deliver information regarding the eligibility conditions that must be fulfilled to get the Aged Pension Increase Amount benefits. Below is the detailed eligibility conditions:

  • The age of male candidates should be more than 65, and the age of females should be more than 60.
  • Interested individuals should be permanent citizens of Australia.
  • Individuals should be physically present in the country when the benefit amount is credited to their account.
  • Immigrants who also want to get benefits from the Pension Scheme should have lived in Australia for more than 10 years.

(More details regarding the eligibility criteria can be traced through the official government website of Australia)

Frequently Asked Questions

What documents are required for the Aged Pension Increase Australia?
Individuals should keep the following documents for the Aged Pension Increase Australia Amount:
Birth Certificate, Driver’s Licenses, Bank account details, Income tax file numbers, Residence papers like passports, citizenship documents, and more, estate assets documents, marriage certificates (if applicable), and assets and income documents like deposit statements, insurance papers, property-owned details, etc.

How to check the status of the Aged Pension Increase Amount?
Readers who want to know whether the increased amount has been credited to their account can check by logging into the Australian government website and clicking on the relevant link.

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