Age Pension Increase
Another good news for all pensioners. From mid-March 2021 all recipients of Age Pension will receive an increase of their payments based on indexation to social security payments.
Considering that Age Pension was not raised in September 2020, the very first time since 1997 that the increase was not implemented.
Indexing Age Pension is one of the regular mechanisms, built into social security system to ensure rates of Age Pension payments reflect the increase of cost of living.
What is the increase for social security payments?
- Singles – increase of $8.40 per fortnight – bringing the total to $952.70
- Couples – $12.60 per fortnight – total $1,436.20 combined
Those total payments include the Pension Supplement and Energy Supplement
Who is eligible?
If you receive any of the following payments, you are also eligible for the increase:
- Age Pension
- Disability Support Pension
- Carer Payments
Although those increased payments and return to continue with established indexation has been welcomed by many, the Australian Council of Social Service says the rate is still inadequate and should be amended to be more generous.
Another great news for pensioners is the extra stimulus payment of $250. Read more
By: Katherine Isbrandt CFP®
Money Strategist & Retirement Planner
Principal of About Retirement
