Here’s some good news for retirees in Australia! Centrelink has announced a $400 increase in the pension amount. This article knows all the essential details, including payment dates, eligibility, and the latest news about this financial boost.
Increase
Centrelink has upgraded the pension plans for retirees amidst the rising inflation and increased cost of living. Pensioners, particularly, are feeling the financial pinch and struggling to meet their basic expenses. While superannuation forms a significant part of their income, it often falls short in covering daily needs, mostly just enough for medical bills. To alleviate these financial burdens, authorities have announced a $400 increase in Centrelink payments.
Dates
Mark your calendars! The first installment of this increased payment is scheduled for 20 March 2024. Pensioners should check their accounts for the updated amount around this date. Centrelink usually issues payments fortnightly. However, if you don’t receive the payment by the end of March, don’t worry. The delay might be due to account verification processes. Rest assured, the payment will be credited once your account is successfully verified.
Eligibility
The $400 increase is targeted at 4.7 million pensioners. However, to receive this benefit, certain eligibility criteria must be met:
- Age and Retirement Status: Applicants must be over 65 years old and retired.
- Tax Compliance: All income tax returns must be filed before the disbursement.
- Residency: The recipient must be a permanent resident of Australia and provide proof during verification.
- Spousal Eligibility: Spouses of Australian citizens can apply but must provide a 10-year visa history.
- Survivors: Widows and widowers are eligible, receiving the deceased’s contribution amount.
- Means and Income Test: Applicants must qualify for these tests to be eligible.
Rates
The increased pension amount will be added to the regular deposits. The specifics of the increased amounts for individuals and couples are detailed below.
For Individuals:
| 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 |
For Couples Living Together:
| Particulars | Current Amount (Individually) | Combined (Current) | Increased Amount (Individually) | Combined (Increased) |
|---|---|---|---|---|
| Maximum Base Rate | $755.60 | $1511.40 | $23.40 | $46.80 |
| Maximum Pension Rate | $60.40 | $120.80 | $1.40 | $2.60 |
| Energy Supplement | $10.60 | $21.20 | – | – |
| Total (per fortnight) | $826.70 | $1653.40 | $23.70 | $49.20 |
| Total Annually | $21494.00 | $42988.00 | $642.20 | $1284.20 |
If law partners separate, they will receive the single individual benefit from the next payment date post-separation.
Application
New retirees or those approaching retirement should register for the Centrelink Pension. Here’s how to apply:
- Sign in to MyGov and link it with Centrelink.
- Select “Payment and Claim” from the dashboard menu.
- Navigate through the “Manage Payment” or “Manage Advance Payment” options.
- Fill out the application form on the same portal.
- Select the type of benefit from the drop-down list.
- Enter the claim amount and submit.
- A confirmation message of successful registration will appear on the screen.
News
Given the rising cost of living in Australia, various allowances, including Jobseeker, Disability Support Pension, and Cost of Living Allowance, have seen adjustments. The $400 increase in Centrelink payments is part of these broader modifications. If you don’t receive the payment in March, it might arrive by September 2024, as payments are processed bi-annually.
This pension increase aims to provide much-needed financial relief to pensioners struggling with daily expenses. Ensure you meet the eligibility criteria and complete the necessary application steps to benefit from this upgrade.
FAQs
When will the $400 payment be made?
The payment is scheduled for 20 March 2024.
Who is eligible for the $400 Centrelink payment?
Pensioners over 65 years old who meet the residency and income test criteria.
How can I apply for the Centrelink pension increase?
Apply through MyGov by linking it with Centrelink and filling out the necessary forms.
What if I don’t receive the payment by March?
There may be delays due to account verification, but payments will be processed soon after.
Will couples receive the increased payment?
Yes, couples living together will receive a combined increased amount.
