Australia’s retirees have some good news! The authorities have announced a $400 increase in the pension amount for pensioners, aimed at helping them cope with inflation and rising living costs. Let’s cut into the details of this Centrelink payment, including dates, eligibility, rates, and the latest news.
Details
The Centrelink authorities have recognized the financial struggles faced by retirees due to inflation and the high cost of living. Superannuation alone often falls short of covering daily expenses, leaving pensioners struggling to meet their basic needs. In response, the authorities have announced a $400 increase in pension payments to provide much-needed relief.
Dates
The first installment of this increased payment is scheduled for 20 March 2024. Pensioners should check their accounts for the new amount. Payments are generally made fortnightly, but some beneficiaries might experience delays due to account verification processes. Rest assured, once verified, the payment will be processed as quickly as possible.
Eligibility
The $400 increase will benefit approximately 4.7 million people. To be eligible, pensioners must meet the following criteria:
- Age and Retirement: Candidates must be over 65 years old and officially retired.
- Tax Returns: All income tax returns must be filed before the payment disbursement.
- Residency: Beneficiaries must be permanent residents of Australia and provide proof of residency during verification.
- Spousal Eligibility: Spouses of Australian citizens can also apply, provided they have a 10-year visa history.
- Widows and Survivors: Eligible survivors or widows will receive the deceased’s share of the pension.
- Means and Income Tests: Applicants must pass means and income tests to qualify for the increased payment.
Rates
The increased pension will be added to the regular deposits. Here’s a breakdown of the new rates for individuals and couples:
Individual Pension Rates
| Particulars | Current Amount | Increased Amount |
|---|---|---|
| Maximum Base Rate | $1002.00 | $31.00 |
| Maximum Pension Rate | $80.70 | $1.40 |
| Energy Supplement | $14.10 | – |
| Total (per fortnight) | $1096.70 | $32.70 |
| Total Annually | $28514.00 | $850.00 |
Couple Pension Rates
| Particulars | Current Amount (individual) | Increased Amount (individual) | Current Amount (combined) | Increased Amount (combined) |
|---|---|---|---|---|
| Maximum Base Rate | $755.60 | $23.40 | $1511.40 | $46.80 |
| Maximum Pension Rate | $60.40 | $1.40 | $120.80 | $2.60 |
| Energy Supplement | $10.60 | – | $21.20 | – |
| Total (per fortnight) | $826.70 | $23.70 | $1653.40 | $49.20 |
| Total Annually | $21494.00 | $642.20 | $42988.00 | $1284.20 |
Separated law partners will receive the individual rate from the next payment date following their separation.
Application Process
For those new to the retirement plan or about to retire, here’s how to apply for the Centrelink Pension:
- Sign In: Log into MyGov and link it with Centrelink.
- Navigate: Select “Payment and Claim” from the dashboard menu and choose either “Manage Payment” or “Manage Advance Payment.”
- Apply: Start filling out the form on the portal, select the benefit type from the dropdown list, enter the amount to claim, and submit.
- Confirmation: A confirmation message will be displayed once registration is successful.
Latest News
With the cost of living on the rise, adjustments have been made across various allowances, including Centrelink Allowance, Jobseeker Allowance, Disability Support Pension, and the Cost Of Living Allowance. The increased amount is expected to be reflected in the next monthly installment. If some beneficiaries do not receive the payment by March, they might get it in September 2024, as the payments are processed biannually.
Retirees across Australia will soon see some relief from the financial strain thanks to this $400 increase. The initiative aims to ensure that pensioners can manage their daily expenses more comfortably.
FAQs
When will the $400 payment be issued?
The payment is scheduled for 20 March 2024.
Who is eligible for the increased pension?
Pensioners over 65 years old who meet specific residency and income criteria.
What if I don’t receive my payment in March?
You might receive it in September 2024 due to biannual processing.
How do I apply for the increased pension?
Register through MyGov, link to Centrelink, and follow the application steps.
Is the increase per individual or couple?
Both, with different amounts for individuals and couples.
