PENSION INCREASES TO HIT BANK ACCOUNTS FROM TODAY

Australians on a pension will today be waking up to see a boost in their bank accounts, thanks to the largest pension indexation increase in more than 12 years and the largest increase to allowances in three decades.

Those receiving a pension will receive the full payment boost in the first normal pension pay cycle following the formal indexation to rates on September 20.

For most, including those on the Service Pension, that first boosted payment will occur today – while some have been receiving their updated payments over the past fortnight on the day of their specific pension payment.

The full fortnightly increase will be hitting most pensioners’ accounts from today.

The Service Pension, Age Pension, Disability Support Pension and Carer Payment have risen by $38.90 a fortnight for singles and $58.80 a fortnight for couples in the latest indexation round.

The maximum rate of pension has increased to $1026.50 a fortnight for singles and $773.80 for each member of a pensioner couple or $1547.60 per couple (including Pension Supplement and Energy Supplement).

The pension paid to war widow(er)s has risen by $39.60 to $1044.30 per fortnight. Additionally, Disability Compensation Payments will increase by $59.90 per fortnight for the Special Rate, $33.20 for the Extreme Disablement Adjustment rate, and $21.30 for the 100% General Rate of Disability Compensation Payment.

The new pension rates for veterans are available on the DVA website and the full list of rates can be found on the Department of Social Services website.

 

You may also like

Leave a comment