From 20 September 2024, Centrelink Age Pension payments will be raised, which will bring some fiscal help to the elderly citizens of Australia. Singles will be paid $1,144.40 per fortnight, doubles will be paid $1,725.20 per fortnight. This update is intended to assist retirees in coping with the increasing costs of living and other necessities.
Pension Payments for September 2024
New pensioners of Centrelink Age Pension will be receiving an increase in their payments from September 2024. Single pensioners will receive $1,144.40 per fortnight, which means an increase of $28.10. The couples are expected to be paid $1,725.20 for the two-week period, $42.40 more than the earlier payment.
This is in accordance with the Consumer Price Index and Pensioner and Beneficiary Living Cost Price Index to assist pensioners with the cost of food, fuel, and other goods and services.
Criteria for the Centrelink Age Pension.
In order to access the Centrelink Age Pension, there are certain requirements that one has to fulfill. The minimum age is 67 for those who were born after 1957. Furthermore, applicants must have been residing in Australia for the past ten years and must have had five years of cumulative stay in the country. It should also be noted that pensioners are required to pass an income and asset test, the conditions of which differ for single applicants and couples.
For income, a single pensioner is allowed to earn up to $2,500.80 per fortnight for a part pension while a couple can earn up to $3,822.40. The asset test does not include the home but does include savings, investments and other forms of property. The asset test is $695,500 for a single homeowner, and $1,045,500 for a couple.
The Steps to Apply for Centrelink Age Pension are:
To apply for the Centrelink Age Pension there are some easy steps to follow. To apply for the payment, the applicants need to go the myGov website and connect it to the Centrelink account, and then follow the prompts to apply. It is required to provide necessary documentation, including proofs of income and asset disclosures. The application can take several weeks to process so it is advised that students apply as early as possible.
Schedule of Payments for September 2024
The payments for September 2024 will be made by bank transfer on the 19th of September. Cheque payments will be despatched by the 25th September and the expected delivery date is by the 9th October 2024.
This increase of the Centrelink Age Pension guarantees that elderly Australians can still have their basic needs met in the face of escalating costs of living.