We’re going to talk about the rise in pensions in Australia in 2024. This increase is crucial due to high inflation and cost of living. Officials are trying to help by raising pension amounts or covering living costs. Check your eligibility, Payment dates, amount, status and more.
Australian Aged Pension Increase 2024:
The latest update is about a rise in pensions for those getting disability support. These are people who need help with daily life due to physical or mental issues. Because of a 0.6% inflation this year, the government is thinking of increasing the pension. But, they’ve noticed many fake applications, which is hurting the economy. So, only those who truly qualify will get the pension increase in June 2024.
| Normal Rates | ||||
| Particulars | Single | Couple | Couple (who stay together) | Couples (who are separated) |
| Energy Supplement | $14.10 | $10.60 | $21.20 | $14 |
| Basic Rate (Max) | $1,002.50 | $755.70 | $1,511.40 | $1,002.50 |
| Pension Supplement (Max) | $80.10 | $60.40 | $120.80 | $80.10 |
| Transitional Rates | ||||
| Particulars | Single | Couple | Couple (who stay together) | Couples (who are separated) |
| Energy Supplement | $14.10 | $10.60 | $21.20 | $14.10 |
| Pension (Max) | $892.70 | $721.00 | $1,442.00 | $892.70 |
Who is Eligible?
In Australia, you have to be 65 or older to retire and get a pension. You also need to live there permanently. A medical expert will check if you’re disabled. If you can’t work for up to 15 days, you might qualify for a pension increase. The amount you get could depend on whether you’re single, have a partner, or have kids. Finally, they’ll check your income before deciding if you can get the payment.
Australia Pension Increase Dates 2024:
Many people are curious about the pension amount. It’s based on the Disability Pension Act of 1908. This law has improved life for disabled people. The pension will go up by 1.8%. The higher amount will be paid on 8, 14, and 28 June 2024. The most a single person can get is $80.10, and for couples, it’s $60.40. The increase will show up in payments after 20 June 2024. But this date might change based on Services Australia’s rules.
How to Claim Increased Pension Amount?
- Citizens need a MyGov account to claim the increased pension.
- MyGov provides important updates about pensions, payment status, and application changes.
- To create an account, go to servicesaustralia.gov.au.
- Click on ‘create a myGov account’.
- Enter your email, phone number, and personal details as asked.
- This will create login details for you.
- Finally, log in to MyGov to get the latest information.
Cost of Living in Australia:
Elderly people in Australia are worried about affording their living costs. They don’t want to move abroad or rely on others. Many retirees consider moving where their family or kids live. But, thanks to Australia’s great pension plans, they don’t have to.
The Australian Bureau of Statistics says costs for transport and food will go up by 12% and 8%. Medicare will increase by 6.7%, and electricity bills by 12%. To get the pension, people need to pass an income and asset test. Right now, they get $250. But with a pension increase coming, they’re feeling more at ease.