In this article, you will know about Aged Pension Increase Australia: When is the next Aged Aged Pension Increase and How to Do it? The Australian Government has made an aged pension plan for their residents. In this plan Government provides some funds to their old aged qualify citizens. The pension is decided according to the individual status. Recently, the pension authorities have increased the benefit amount. To know more crucial information related to Aged Pension Increase Australia, how to get it, and more, continue browsing this article.
Aged Pension Increase Australia
In the year 1909, The Government of Australia introduced a pension plan for their people. This was started for the old age retirement age individuals. The pension plan is usually increased every year in March and again in Sep.
In Sep 2023, the Australian authorities of pension have increased the pension rates by $32.70 for every individual. The pension rates depend on the CPI and PRLCI. The authorities test the threshold income and assets. Aged pension is provided for at different criteria for both genders.
When is the Next Aged Aged Pension Increase?
In Australia, the next aged pension is scheduled to increase in 2024. As the age pension is fixed, it will always have changes in March. The benefits rate is increased on the male weekly payment rates and living costs by inflation.
In Sep 2023, the Australian Government increased the benefits rates by per fortnight. For singles, the age Aged Pension Increases to $32.70, and for couples, it has increased by $24.70. Both these rates are increased per fortnight. The benefits are granted from the age of 65 for men and 60 for women.
Changes in Aged Pension Rate
The retirement age is challenging because of the disability that an individual faces. They are dependent on their family for expenses. Thus, the Government aids in achieving financial stability during this time. As per the latest updated pension rate, individuals will get the pension and other benefits rates. According to this table:
|Max Basic Rate
This table contains the latest data on pension plan rates. The single individual will get 1,096 AUD per fortnight, which equals to around 28,514 AUD. For Couple, each will get 802 AUD, which equals to around 21,494 per year. by combining both rates, they will receive 42,988 AUD per year.
The couple’s pension can be equal to the single person’s pension. If they are separated due to illness, in that case, each will receive a single-person rate, which combined makes 2,193 AUD per fortnight. They will be having 57,028 AUD per year.
How to Get an Aged Pension in Australia?
Before having the age pension, an individual needs to be eligible for the pension benefits, which include the age criteria depending on their age. Individuals must be Australian residents and have lived there for the last 10 years. Needs to meet the assets and income tests. These are certain criteria for the qualification of the age pension program.
If you qualify for these criteria, then you can claim your age pension by following these steps:
- First, individual needs to browse their myGov account.
- Your account must be linked with your Centrelink online account.
- Where you need to choose the option whether you need to apply for a couple or single.
- After choosing, that individual needs to fill out the further details mentioned on that webpage.
- Then, you are required to submit your document.
- Then, click on the claim option.
- You will receive a notification regarding your claim.
The individual will get to know whether they are eligible or not. The authorities will inform them by sending the confirmation to the applicant.
Aged Pension Increase Australia Documents Required
The list of the documents that are needed to complete the application is shared below:
- Birth Certificate.
- Drivers License.
- Bank account details.
- Income tax file number.
- Residence paper, which includes passport, citizenship document, and more.
- Your estate assets document.
- If you have applied for the couple, then a marital certificate.
- Your assets and income documents such as deposit statement, insurance paper, property owned details, latest savings, and more.
You have required these documents for applying to the program. Attach them with your online applying application. The authorities will verify and cross the details, then inform you within 14 days whether you can claim or not.