October Centrelink Age Pension Increase 2024: The regular payment of age pension program in Australia has increased in September 2024 for all the seniors in the country who are getting regular benefits from the central link Australia. If you are also a senior citizen in the country with the age of 67 or more then you can get such increment in your payment accordingly. You can check all the important details of new age pension increased payment 2024 in this article including the eligibility criteria, procedure to claim the Centrelink Age Pension payment, how to apply for age Pension Payment, date of releasing the payment etc.
The age pension program in the country is government sponsored program for seniors Who are unable to manage funds for their welfare and expenses such as paying the bills, purchasing medicines, taking care of children etc. Payment of age pension program is Released per fortnight in the country which has been now increased from 20 September onward. The cost of living and other expenses are continuously increasing, so government has increased the rates of the Centrelink Age Pension payment for up to $28. This initiative will help low income citizens to use the fund for their personal welfare.
Centrelink Age Pension Increase 2024
The age pension program include multiple payments for the seniors including Basic rates of the pension, Pension supplementary rates and Energy supplements rates. Apart from this, the Centrelink Age Pension Increase payment is also calculated differently for single applicants and combined applicants.
After increasing the payment from 20 September 2024, single applicants will get $28.10 Extra payment and combined applicants who are getting the payment with their spouse will get extra amount of $42.40. Currently the maximum payment for seniors is $1,725.20 per fortnight. You can check the following table and calculate your upcoming payment for age pension in Australia accordingly.
| Per fortnight | Single | Couple each | Couple combined |
| Maximum basic rate | $1,047.10 | $789.30 | $1,578.60 |
| Maximum Pension Supplement | $83.20 | $62.70 | $125.40 |
| Energy Supplement | $14.10 | $10.60 | $21.20 |
| Total | $1,144.40 | $862.60 | $1,725.20 |
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Centrelink Age Pension Increase Eligibility 2024
- Only permanent residents of Australia who are living in the country for last 10 years or more or eligible to receive the age pension benefits. However it is also important to live in the country for last 5 years without breaking continuity and should not apply for citizenship in any other country in the world in this period.
- The minimum age of the applicant should be at least 67 years old to apply for the age pension program. However if you are applying with your spouse then they can apply after Living in the country for last 2 years.
- The income of the applicant should be less than $212 in a fortnight for the single applicant and if you are applying with your spouse then you can apply with the maximum income of $372. After crossing the limits, authority will reduce 25 cents to 50 Cents from your each additional $1 earning.
- However if you are applying as a combine pension and earning more than the $3,822.4o then you will not get the payment on the specific fortnight. If you are an individual applicant then your income should not be more than $2,500.80 Otherwise you will not get benefit of the program.
- The applicant should not have assets more than the value of $722,000 If you are living in a rental house and applying with your spouse. However if you are applying as and individual with rental house then the limits should not be more than $566,000.
- Applicants who have their own house should not have the Assets of the value of more than $314,000 and $470,000 (for combined )
So if you follow all the above eligibility then will get the 100% payment per fortnight in your bank account. However if you close the limit of the total Assets and the earning then you will get the partial payment and the rest of the payment will be reduce from your amount.
Centrelink age pension payment dates for October 2024
Centrelink payments follow a predictable schedule, ensuring that pensioners can plan their finances accordingly. The Age Pension is paid out every two weeks, usually on a Thursday or Wednesday, depending on your last payment date.
For October 2024, the key payment dates are:
- 17 October, 2024
- October 23, 2024 (For those receiving payment via cheque, processing time may take longer).
Age pension values for October 2024
Age pension payments are reviewed twice a year to adjust for inflation and cost of living. The most recent adjustment took effect on September 20, 2024. Here are details of current payments:
Single pensioner: The maximum basic rate for a solo pensioner is $1,144.40 per fortnight. This is equivalent to $29,754 annually.
Couples (combined): Couples can receive up to $1,718.80 per fortnight, which amounts to $44,855 annually. This amount is equally divided between both the partners.
There are also additional supplements available, such as the Pension Supplement and the Energy Supplement. These supplements help with specific costs, like utilities and health care. For example, the maximum pension supplement for a solo pensioner is $83.20 per fortnight.
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How to apply for Centrelink Age Pension in October 2024
Applying for the Age Pension can be made online through a MyGov account or by visiting a Centrelink office. Here are the stages:
- Make sure you have proof of your identity, residence and financial position.
- Submit your application online via MyGov or in person. You can start the process up to 13 weeks before reaching the eligible age.
- Once your application has been submitted, Services Australia will assess your entitlement. If approved, payments will start on the date you become eligible.
