Australia Pension Increase Amount May 2024 – Know Eligibility, Amount & Payment Date

The authorities of Australia decided the Australia Pension Increase Amount May 2024 on 20 March 2024 with new rates of Pension for their citizens. So, citizens need to follow the eligibility criteria to determine whether they will receive a pension or not. As per the reports, there is an overall 1.8% increase in Pension, and the full increase in Pension is $19.60 every fortnight. Citizens who are aged and unable to work will receive the benefits of an increased pension. Other information related to this increase in Pension is discussed below.

Australia Pension Increase Amount May 2024

The Government of Australia wants to help its citizens who are over-aged and only depend on pensions for their living benefits. The Government has examined the increasing prices and increment in inflation rates, which are affecting these citizens very badly. So, the Government of Australia has decided to increase the amount of Pension which is given to them. On 20th March 2024, the Government announced an increase of 1.8% in pensions for all beneficiaries of the country. But, only eligible citizens will receive the benefits of the increased pension program.

Australia Pension Increase Amount May Pension Increase 2024

The age pension program was started by the authorities of Service Australia in 1906 to help the country’s senior citizens or retirees. According to reports, before the Age Pension, senior citizens were forced to depend on churches or charities to make a living.

Article TitleAustralia Pension Increase Amount May 2024
Benefit NameAustralia Pension Age
Age67 years
Benefit Amount$28514
Pension Increase$19.60 for singles and $14.70 for couples
CategoryGovernment Aid
Official Website

So, in 1906, they made an official bill and passed it in the constitution, which would provide a stable income to retired citizens. At the start of the program, the age decided to receive a pension was 65 years or above, but it was later modified as per the requirements.

Australia Pension Increase 2024 Program

Recently, the government of Australia has come forward to help its citizens by increasing their pensions. This increase was decided for both singles and married couples. Now, the age for applying for a pension has also increased from 65 years to 67.

As we all know, there is no age limit for retirement in Australia, so citizens have the right to decide when they want to receive the benefits of a pension. Approximately 34% of individuals will receive a complete pension, and 24% will receive some parts of the pension. So, singles and married couples will jointly receive an increased amount every fortnight.

The Australia Pension Increase Amount May 2024 was launched under the Australia Age Pension benefit name for citizens aged 67 years or above. The total benefit amount is $28514, from which singles will get $19.60 every fortnight and $14.70 for each couple.

This program was initiated on 20th March 2024 with an online application process for it. The eligible citizens will also receive the payment online. The citizens can visit the official website to fill out the application form for the program.

Australia Pension Age 2024

Here are Some points of Australia Age Pension Increase 2024 must be known to everyone as follows:

  • Citizens must have a minimum age of 67 years, which is provided to the citizens to make a stable living in the country.
  • Citizens who are homeless and living in churches or charities will receive an equal amount of installments every week.
  • Citizens who are born between 1st July 1952 and 31st December 1953 will receive the benefits of an Increase Age Pension in May 2024.

Eligibility Criteria Australia Pension Increase

Citizens who want to take advantage of Australian Age Pension must know about their requirements. The citizens must strictly follow these requirements. Only eligible citizens will receive the benefits of an increased age pension. So, these requirements followed by the citizens are as follows:

  • A person must be a permanent citizen of Australia.
  • Immigrants must have a permit of legal authorization to work and currently living in Australia.
  • A widow also must be a citizen of Australia to receive benefits.
  • A person who was born after 1 January 1957 will receive their age pension benefits after reaching the age of 67 years.

These are the criteria or requirements that citizens must follow. Setting requirements aims to ensure that only deserving and suffering citizens will receive the benefits.

Australia Pension Increase Amount May 2024 Increased Amount

The age of pension, which is given to singles and married couples, will be calculated as the total amount and increase in amount. Let’s learn about this in detail:

For individuals

The total amount for the complete year is $29023, and the increase in the amount in a year is $510, which, combined with the new total amount given to the individuals in a year, is $ 29533.

For married couples

The total amount for couples combined is $437530, and the increase in the combined amount in 2024 is $764.4, which combines and makes a new big amount for married couples in a year of $438294.9.

Payment Date of Australia Pension Increase Amount May 2024

The citizens who meet the eligibility criteria will receive the payment every fortnight. The payment will be processed by the department every Tuesday of the week, and the funds will be deposited in the citizens’ banks on Wednesday. As per the previous payments, it may take up to 2 business days to reach the account.

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