Service Australia is committed to supporting the elderly population by offering age pension benefits. These benefits are a form of financial assistance provided to individuals who have retired, are of senior age, or are qualified elderly citizens.
In today’s world, where inflation is a constant challenge, people often seek help from the government. The government, in turn, provides these benefits and makes necessary adjustments promptly. This article will delve into the expected increase in age pension benefits for July and August 2024.
Contents
Australia Pension Increase 2024
The Australia Age Pension is a well-structured program that provides monetary assistance to senior citizens. The government recognized that elderly individuals often cannot work due to health conditions and initiated these programs to provide financial aid.
Service Australia ensures that the benefits are adjusted periodically to keep up with changing economic conditions. The expected increase in the Australian pension for July- August 2024 has sparked excitement among beneficiaries. This article will discuss this increase in detail, along with the eligibility criteria and payment dates for 2024.
- Title:Â Anticipated Increase in Australia Pension: July-August 2024
- Year:Â 2024
- Month:Â July-August
- Country:Â Australia
- Payment Name:Â Age Pension
- Eligibility:Â Senior Citizens
- Objective:Â To provide financial support to senior citizens
- Increase Amount:Â To be discussed later in the post
- Payment Dates:Â July-August
- Category:Â Finance
- Official Webportal:Â servicesaustralia.gov.au
Eligibility Criteria
The Age Pension eligibility is assessed using various factors, including age, earnings, possessions, and residency. Below are the specific criteria for qualifying for the Australia Pension Increase 2024:
- In 2024, senior citizens or people who are 67 years old will be eligible to receive the Australian pension.
- Senior citizens should have lived in Australia for a total of 10 years. Of these 10 years, the senior citizens must have lived continuously for 5 years.
The income limits as per standard and transitional rules are provided in the table below:
Rules |
Status |
Income per Fortnight |
Amount will be reduced by |
---|---|---|---|
Standard Rules |
Single |
Up to $212 |
$0 |
Standard Rules |
Single |
Over $212 |
50 cents for each dollar above |
Standard Rules |
Married |
Up to $372 |
$0 |
Standard Rules |
Married |
Over $372 |
25 cents for each dollar above |
Transitional Rules |
Single |
Up to $212 |
$0 |
Transitional Rules |
Single |
Over $212 |
40 cents for each dollar above |
Transitional Rules |
Married |
Up to $372 |
$0 |
Transitional Rules |
Married |
Over $372 |
20 cents for each dollar above |
The asset amounts for Full Pension recipients, Partial Pension Recipients and those with transitional rates of Pension are as follows:
Limit for |
Status |
Homeowner |
Non Homeowner |
---|---|---|---|
Full Pension Receiver |
Single |
$314000 |
$566000 |
Full Pension Receiver |
Couple |
$470000 |
$722000 |
Full Pension Receiver |
Couple Separated |
$470000 |
$722000 |
Full Pension Receiver |
Couple, 1 Qualify only |
$470000 |
$722000 |
Part Pension Receiver |
Single |
$686250 |
$938250 |
Part Pension Receiver |
Couple |
$1031000 |
$1283000 |
Part Pension Receiver |
Couple Separated |
$1214500 |
$1466500 |
Part Pension Receiver |
Couple, 1 Qualify only |
$1031000 |
$1283000 |
Transitional Rates |
Single |
$621750 |
$873750 |
Transitional Rates |
Couple |
$966500 |
$1218500 |
Transitional Rates |
Couple Separated |
$1085500 |
$1337500 |
Transitional Rates |
Couple, 1 Qualify only |
$966500 |
$1218500 |
Pension Increase Amount 2024
The Australian Age Pension amount is calculated based on factors such as marital status, income, and assets. Reports indicate that there will be an upward adjustment to the Age Pension in July 2024. This change is expected to result in a 1.8% increase in overall Age pensions in 2024.
The individual pension amount for single recipients will be raised by $19.60, and the pension amount for couples will see an increase of $14.70. Below are the current Age Pension Amount and the projected increase for 2024:
Rates |
Fortnightly rates |
Single |
Each Couple |
Couple Together |
Couple separated due to illness |
---|---|---|---|---|---|
Normal Rates |
Maximum Basic Rate |
$1020.60 |
$769.30 |
$1538.60 |
$1020.60 |
Normal Rates |
Maximum Pension Supplement |
$81.60 |
$61.50 |
$123.00 |
$81.60 |
Normal Rates |
Energy Supplement |
$14.10 |
$10.60 |
$21.20 |
$14.10 |
Normal Rates |
Total |
$1116.30 |
$841.40 |
$1682.80 |
$1116.30 |
Transitional Rates |
Maximum Rate |
$908.80 |
$734.00 |
$1468.00 |
$908.80 |
Transitional Rates |
Energy Supplement |
$14.10 |
$10.60 |
$21.20 |
$14.10 |
Transitional Rates |
Total |
$922.90 |
$744.60 |
$1489.20 |
$922.90 |
Schedule of Australia Age Pension Payment Dates 2024
The payment schedule for the Australia Age Pension is outlined in the table below to provide reliable and verified information. It offers the payment dates for the year 2024.
Issuing of Payment |
Direct Deposit Pension Payment Date 2024 |
Pension Cheque Payment Date 2024 |
---|---|---|
11th January 2024 |
17th January 2024 |
31st January 2024 |
8th February 2024 |
14th February 2024 |
28th February 2024 |
7th March 2024 |
13th March 2024 |
27th March 2024 |
4th April 2024 |
10th April 2024 |
24th April 2024 |
2th May 2024 |
8th May 2024 |
22th May 2024 |
30th May 2024 |
5th June 2024 |
19th June 2024 |
27th June 2024 |
3rd July 2024 |
17th July 2024 |
25th July 2024 |
31st July 2024 |
14th August 2024 |
22th August 2024 |
28th August 2024 |
11th September 2024 |
19th September 2024 |
25th September 2024 |
9th October 2024 |
17th October 2024 |
23rd October 2024 |
6th November 2024 |
14th November 2024 |
20th November 2024 |
4th December 2024 |
12th December 2024 |
18th December 2024 |
1st January 2025 |
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