The Australian government announced the Australia Pension Changes 2024 on 20th March 2024, and made more significant changes in the age pension program to help retirees. The Australian government has increased the age requirement up to 67 years old and increased the pension rate amount up to $37.20.
Due to the economic crisis caused by high inflation rates and increasing cost of living it is hard to meet basic expenses such as medical or utilities after retirement, so the increment in Australian Age Pension will provide big relief for them.
Individuals can check further details regarding Australia age pension announcement by searching for the official website of service Australia. Through this article individuals will get to know all the details regarding the Australia Pension Changes May 2024, including its overview pension rate details, eligibility criteria, pension amount, and payment date.
Australia Pension Changes May 2024
The Australian government has brought significant changes in the Australia pension in the year of 2024, in which they are set to increase the Australian age pension amount for both individuals and couples who are struggling financially after retirement to cover their basic expenses. The eligibility age for receiving the age pension has been raised from 65 years to 67 years, in accordance with the Australia Pension Work Bonus, and the pension amount has been also increased up to $37.20.
This age pension increment occurs two times in a year, and the changes have been taking effect in the months of March and September. This announcement was made by the Australian government on 20th March 2024, in the face of various economic problems such as inflation, taxes and cost of living.
Australia Pension Changes – Overview
| Article Title | Australia Pension Changes May 2024 |
| Authority | Services Australia |
| Country | Australia |
| Benefit Name | Age Pension |
| Age | 67 years |
| Rate Increase | $37.20 |
| Date | May 2024 |
| Category | Government Aid |
| Official Website | https://servicesaustralia.gov.au/ |
Eligibility for Australia Pension Changes May 2024
- To be eligible for the Australia age pension, applicants must meet residency and citizenship requirements set by the Australian government.
- Being an Australian resident at the time of pension claim is required for residency.
- Citizenship requires that claimants be citizens of Australia at the time of filing.
- Australian resident widowed women are also qualified for the Australia Pension Changes.
Australia Pension Changes Age Criteria
The age at which a person is eligible to receive a pension is determined by their birthdate:
- Those born between July 1, 1952, and December 31, 1953, qualify at 65 years and 6 months.
- Individuals born between January 1, 1954, and June 30, 1955, become eligible at 66 years.
- Those born between July 1, 1955, and December 31, 1956, can claim the pension at 66 years and 6 months.
- Individuals born on January 1, 1957, or later qualify at 67 years of age.
Australian Age Pension Amount for Individuals
- In 2024, the base rate for the Australian age pension for singles is $1020.6, with an increase of $18.1.
- The pension supplement for singles also sees a increase to $81.6, with an additional amount of $1.5.
- However, the energy supplement remains unchanged at $14.1 for single recipients.
- Overall, individuals will receive a total of $1116.3, with an increase of $19.6.
- Annually, the individual will get $29,023 through Australia age pension, with an overall increase of $510.
- These increments in Australia age pension aim to provide a necessary financial support for single pensioners in Australia, ensuring they can meet their living expenses.
Pension Rate In Australia for Couples
- The base rate amount was $1020.6, with a $13.6 increase, however the total combined amount of $1538.6 for couples, with the combined increase of $27.2.
- The pension supplement amount $81.6, with the increase of $1.1, however the combined amount for couples to $123, with a combined increase of $2.2.
- The energy supplement remains at $14.1, with the combined total of $21.2 for couples.
- Couples receive $1682.8 every two weeks, with a $29.4 increase, and a total of $43,530 annually, with a yearly increase of $764.4.
Australia Age Pension Payment Date 2024
The Australia age pension Payments are distributed every 2 weeks on Tuesday excluding public holidays. The fund became available in the recipient bank account on Wednesday, however it may take up to two business days for the payment to be fully processed and credited to the bank account. Recipients can easily track their age pension details through the service Australia portal, which provides information on the next due date for the pension.
| Official Website | https://servicesaustralia.gov.au/ |