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Australia Pension Increase 2024 – New Aged Pension Rates, Amount & Eligibility

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The Department of Social Service under the Federal Government of Australia significantly announced the Australia Pension Increase 2024, which will have a great impact on the lives of retirees and elderly citizens across the country. This Australia Aged Pension Increase 2024 is a result of various factors, including changes in government policies, economic growth, and the rising cost of living. The rising cost of living is another factor contributing to the Australia Pensions Increase Amount 2024 . Over the years, the cost of essential goods and services has been steadily rising, making it increasingly difficult for retirees to make ends meet. To address this issue, the government has decided to adjust the pension to keep pace with inflation and ensure that retirees can afford their basic necessities. The eligible Readers who are interested in the Australian Pension Increase 2024, keep reading. 

Australia Pension Increase 2024 : New Aged Pension Rates

Australia Pension Increase 2024

The cost of essential goods and services has continuously risen over the years, making it increasingly difficult for retired individuals to meet their financial obligations. To address this issue, the government has decided to link pension adjustments to inflation rates, ensuring that retirees can afford their basic needs without any financial stress. Therefore, Australian Government announced the Australia Pension Increase 2024. The recipients need to fulfill the eligibility criteria further given in the article. 

Australia Aged Pension Increase 2024

Scheme Name  Australia Pension Increase
Organized by  Department of Social Service 
Administered by  Federal Government of Australia 
Country  Australia 
Australia Aged Pension Increase 2024 Announced Now
Year 2024
Category Finance
Website  dss.gov.au

Australia Pensions Increase Eligibility 2024

Check the Australia Pensions Increase Eligibility 2024 in the points below.

  • Receivers should reside in Australia for 10 years and out of that 5 years should be continuous ie., permanently living in Australia as a citizen or have a permanent residency visa of Australia presented by the Federal Government of Australia.
  • Receiver should be present in the country on the day the claim is submitted.
  • If the receiver is a widow in Australia when both she and her deceased partner were residents of Australia. Moreover, she must have resided in the country for a continuous period of 104 weeks prior to making the claim.
  • Recipient who is a widow can also be eligible when prior to reaching pension age, she was eligible to receive either Widow B Pension, Widow Allowance, or Partner Allowance.
  • For the eligibility the recipients go through two tests i.e. Assets Test and Income Test
  1. Assets Test: To qualify for an Australia Pension Increase 20204 as a single person, your assets must be below AU$ 301,750 (AU$ 543,750 if you don’t own a house). If your assets fall below AU$ 667,500 (AU$ 909,500 without a home), you may still receive a partial Pension. For couples who own a house, their combined assets must be below AU$ 451,500 for a full Pension, or below AU$ 693,500 without a home. If your assets fall below AU$ 1,003,000 (AU$ 1,245,000 without a home), you may still be eligible for a part pension.
  2. Income Tests: Unmarried recipients earning less than AU$204 per year qualify for Australia Pension 2024. If their income is below AU$2,397.40 per year, they may still receive a partial Pension. Couples with a combined income below AU$3,666.80 per fortnight may be eligible for a partial-age pension. To receive the full age pension, their combined income must be below AU$360 per fortnight.

Australia Pensions Increase Amount 2024

Category Australia Pensions Increase Amount 2024
Single Recipients Couple Recipients applying jointly Couple recipients who are applying jointly and staying together Couple recipients who are applying jointly but staying separately 
Energy Supplement $14.1 $10.60 $21.20 $14
Maximum Basic Rate  $1002.50 $755.70 $1511.40 $1002.50
Maximum Pension Supplement  $80.10 $60.40 $120.80 $80.10

Australia Pension Increase Rate 2024

In 2024, the Department of Social Service under the Federal Government of Australia has increased the Australia Pension on the basis of age. Please refer to the table given below to check the increase of Australia Pension Increase Rate 2024.

Age of the Recipients Australia Pension Increase Rate 2024
Less than 65 Years of Age  4%
65 years to 74 years age  5%
75 years to 79 years age  6%
80 years to 84 years age  7%
85 years to 89 years age  9%
90 years to 94 years age  11%
More than 95 years age  14%

FAQs On Australia Pension Increase 2024

What is the income limit for the Single receiver to be eligible for the Australia Pension Increase 2024?

The Income limit for the Single receiver to be eligible for the Australia Pension Increase 2024 is AUS $204. 

What is the increase rate of Australia Pension of the recipients with age more than 95 years in 2024?

The increase rate of Australia Pension of the recipients with age more than 95 years in 2024 is 14%.

What is the official website of the Australia Pension 2024?

The official website of the Australia Pension 2024 is https://www.dss.gov.au/. 

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