Citizens of Australia can now benefit from the increase in pension amount as it may see some hike in upcoming months. The Australia Pension Changes 2024 will be the key factor that will help in upgrading the lifestyle of the people who are eligible for the pension benefits. The hike of $37.20 was expected as per the observations, but the update has not been confirmed by the officials. You can learn more details on the same here.
Australia Pension Changes 2024
The pension plan has been provided by the Australian Services in order to improve the living standards of the citizens. Certain factors will surely play a role in determining the Australia Pension Eligibility 2024.
Moreover, some observations have revealed that the price may increase by $37.20 in September 2024. As it has been noticed, the increment happened in the months of March and September. So, we can expect that the next hike will probably be seen in September 2024. However, the figures are not confirmed yet. The Pension Payment Date of 2024 is fixed on Tuesday.
Australia Pension Changes 2024 Overview
| Name of Department | Services Australia |
| Article | Australia Pension Changes 2024 |
| Year | 2024 |
| Category | Government Aid |
| Benefit Type | Age Pension |
| Age Limit | 67 Years |
| Official Website | www.servicesaustralia.gov.au |
Another means via which one can look for the facts about the Age Pension of Australia is by exploring the official website, servicesaustralia.gov.au.
Eligibility Criteria for Australia Age Pension 2024
Some key points have to be considered when you think of availing the benefits by the government. One should know if he or she is eligible for this opportunity or not. It may depend on factors like asset allocation, residency, and, most importantly, age. We have discussed the eligibility criteria based on age below:
- People born between July 1, 1952, to December 31, 1953, are eligible for availing pension according to 65 years and 6 months.
- People having birth between January 1, 1954, to June 30, 1955, can avail the benefits for 66 years of age.
- Citizens born between July 1, 1955, to December 31, 1956, have the age of 66 years and 6 months to get a pension.
- From January 1, 1957, 67 years is the age to get a pension.
Other eligibility for pension are:
- One should be an Australian resident and citizen while lodging for the benefit.
- Widows in Australia is another eligibility for women.
Rates of Pension for Australian Couples
The couples have been kept in mind while formulating the policies as the government aims to focus on every section of their country. In this section, you can find out about the base rate, pension supplement, amount for a fortnight, and the annual pension amount.
- The base rate of combined pension amounts stands at $1538.6.
- The pension supplement of the combined pension amount is valued at $123.
- The energy supplement for the combined pension amount amounted to $21.2.
- The amount for one fortnight costs $1682.8.
- The combined annual pension amount is valued at $437530.
Australia Pension Changes for Singles
The rates for singles will be different from couples. However, the eligibility criteria will remain the same, but the asset projection will differ. Furthermore, you can go through the pension amounts for the singles here:
- The base rate is $1020.6.
- The pension supplement value is $81.6.
- The amount for one fortnight is $1116.3.
- For an energy supplement, it is $14.1.
Objective for Australia Pension Changes 2024
The government tries to ensure that each citizen of the country should have a comfortable life. The pension scheme will help citizens above 65 years to have a better standard of living and avail monetary benefits.
The rates of the pension have seen continuous growth as the increase of $19.69 was seen for singles and $14.70 per person for married people. It is likely to see further increments as there are certain factors which determine the exact increased amount of pension. These factors are cost of living, inflation, and taxation.
Every year, the hikes are generally seen in March and September. For now, the exact increase has not been provided. The estimates provided a boom of $37.20. Let the official authorities confirm this amount and it will be revealed by September 2024.
Changes Seen in the Pension Payment 2024
We have provided the expected increase in the amount, but the exact amount is yet to be disclosed. Now people between 65 and 67 years can apply for the pension. Moreover, for the convenience of the citizens, the mode of applying for pension is online, and citizens are free to visit their official website to inquire about the matter related to the Australia Age Pension 2024. People meeting the eligibility factors will be able to get a bonus from these changes.