In September 2024, Australia’s Age Pension will see an increase, bringing much-needed financial relief to millions of retirees. If you’re wondering whether you qualify for this boost and how much you’ll receive, keep reading to find out the details and how to check your eligibility.
As of September 20, 2024, pension payments will be increased to support Australian seniors in keeping up with rising living costs. The Age Pension for singles will now be $1,116.80 per fortnight, and for couples combined, it will rise to $1,682.80. These increases reflect the government’s continued effort to ensure that retirees can maintain their purchasing power amid inflation and economic pressures.
Australia Pension Increase $1116.80 in September 2024
The September 2024 pension increase is welcome news for millions of Australian retirees, particularly those feeling the squeeze of rising living costs. With singles receiving up to $1,116.80 per fortnight and couples up to $1,682.80, the increase reflects the government’s commitment to supporting older Australians. By checking your eligibility, reviewing your assets and income, and keeping up to date with your payments, you can make the most of this opportunity.
| Detail | Amount (AUD) | Effective Date | Who is Eligible |
|---|---|---|---|
| Single Pension Amount | $1,116.80 per fortnight (approx. $29,028/year) | September 20, 2024 | Retirees aged 65-67 meeting income/asset criteria |
| Couples Pension Amount | $1,682.80 per fortnight (approx. $43,753/year) | September 20, 2024 | Couples with combined income/assets under limits |
| Eligibility Age | 65 – 67 years | Ongoing | Australian residents or long-term residents |
| Official Website | Services Australia | N/A | N/A |
What is Driving the Increase?
The rise in pensions is part of the Australian Government’s biannual pension indexation, which occurs every March and September. This indexation ensures that pensions keep pace with inflation, as measured by the Consumer Price Index (CPI) and the Pensioner and Beneficiary Living Cost Index (PBLCI). For 2024, these indicators showed an increase of 2.6%, prompting this pension adjustment.
The new rates reflect the largest increases in recent years and are designed to offset the increased cost of essentials like housing, food, and utilities. The last similar increase occurred in March 2024, but this September boost is larger due to sharper inflation rates in the latter half of the year.
Are You Eligible for the Pension Increase?
Eligibility for the pension increase follows the same basic criteria as the Age Pension. The primary factors are your age, residency, income, and assets.
- Age Requirement: You must be between 65 and 67 years old.
- Residency: Applicants must have been Australian residents for at least 10 years, with at least five years of continuous residency.
- Income and Assets Test: Your total income and assets must fall within certain thresholds to qualify for either a full or part pension. These limits vary based on whether you are single or part of a couple, and whether you own your home or rent. For example:
- A single homeowner can receive a full pension if their assets are valued under $314,000. For partial pensions, the asset limit extends to $695,500.
- For couples, the combined asset limit is $470,000 for full pensions and $1,045,500 for partial pensions if they own their home.
How to Check Your Eligibility?
To check if you are eligible for the pension increase, follow these simple steps:
- Review Your Income and Assets: Ensure your total assets and income fall below the required limits. For assistance, you can use an Age Pension Calculator.
- Visit Services Australia: The best way to apply or check your status is by visiting the official website. You can also manage your payments through your MyGov account linked to Centrelink.
- Prepare Your Documents: Gather proof of your identity, residency, assets, and income before starting the application process.
Additional Benefits: Rent Assistance and Supplements
In addition to the pension increase, the government is raising Commonwealth Rent Assistance for those eligible. Renters will see an increase of up to $23 per fortnight for singles, and families can receive an extra $27.02. This is part of a broader 45% boost in rent assistance since the Albanese government took office.
Pensioners also benefit from supplements like the Energy Supplement, which is designed to help with rising energy costs.
Frequently Asked Questions (FAQs)
Q: When will the pension increase come into effect?
A: The increase will take effect on September 20, 2024.
Q: How much will single pensioners receive?
A: Single pensioners will receive $1,116.80 per fortnight, or approximately $29,028 annually.
Q: What if I don’t meet the full eligibility criteria?
A: You may still qualify for a part pension if your assets and income exceed the full pension limits but are below the upper thresholds.
Q: How can I apply for the Age Pension?
A: You can apply through the Services Australia website or your MyGov account.
