Centrelink Age Pension Rates September 2024: Check Eligibility, Increase in the Age Pension

Centrelink Age Pension Rates September 2024: The Age Pension serves to uphold the fundamental living standards of senior Australians. Eligibility for this financial support is contingent upon meeting specific age and residency criteria. The Centrelink Age Pension program is further refined through a means test, ensuring that assistance is directed primarily to those in greatest need. To maintain its relevance, pension rates are indexed, allowing them to adjust in accordance with fluctuations in Australian prices and wages.

The majority of Age Pension disbursements are administered by Services Australia (Centrelink). Recipients of the Age Pension who also receive particular compensation from the Department of Veterans’ Affairs (DVA) have the option to receive their pension from either DVA or Services Australia. Upon reaching retirement, individuals may qualify for various government benefits, including the Age Pension or a concession card. As individuals near retirement age, common inquiries include ‘What is the amount of the Age Pension?’ and ‘Which Age Pension rates are applicable to my situation?’

Australia Age Pension Rates September 2024

Centrelink Age Pension Eligibility 2024

Age:

• The lower pension rate from the tests will dictate your eligibility. 
• Your retirement age may differ from the government’s Qualifying Age, which is based on your birth year. 
• You can initiate your Age Pension application up to 13 weeks prior to reaching your Qualifying Age.
• The government assesses your age and residency to determine your eligibility for the Age Pension. The retirement age is being slowly raised from 65 to 67 years.

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Asset value

• If the total value of your assets falls below a specific threshold, you may qualify for a full Age Pension.
• The key determinants here are, your marital status—whether you are single or  a couple and your homeownership status.
• To receive a full Age Pension as a single individual, your assets must be valued at less than $314,000 if you own your home or under $566,000 if you do not.
• You may still qualify for a partial Age Pension if your assets are below $686,250 with home ownership, or $938,250 without it.
• For couples, the combined asset limit for the full Age Pension is $470,000 if you own your home or $722,000 if you do not.
• A part Age Pension is available if your combined assets are under $1,031,000 with home ownership, or $1,283,000 without it.
• If your assets exceed this threshold, your pension could be decreased, or you may not qualify for it at all. 

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Residency

• To qualify for the Age Pension, you typically need to be an Australian resident who has lived in the country for a minimum of 10 years, including at least five consecutive years.

The Age Pension is typically disbursed every two weeks, but you can request weekly payments from Services Australia (through Centrelink) if you are:

– Homeless or at risk of homelessness

– Struggling to manage your finances.

Increase in the Age Pension

Recently published report of the Consumer Price Index (CPI) and the Pensioner Beneficiary Living Cost Index (PBLCI) shows the potential adjustments to the Age Pension scheduled for 20 September 2024. Projections suggest that retirees may see an increase of $26.54 per fortnight for singles and $41.17 for couples, impacting nearly three-quarters of the older Australian population.

The Age Pension rate is subject to biannual adjustments, occurring in March and September. These modifications are designed to account for fluctuations in the cost of living and wage growth. Recipients of the Age Pension need not take any action to benefit from these increases; the updated amount will automatically be reflected in their accounts.

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Is there any further rise?

• The Age Pension rates are expected to change on 20 September 2024.
• An increase is likely due to ongoing inflation pressures.
• The Australian Bureau of Statistics assesses potential increases using the Consumer Price Index (CPI), Male Total Average Weekly Earnings, and the Pensioner and Beneficiary Living Cost Index.
• Increases are not guaranteed; for instance, there was no increase in September 2020, marking the first time since 1997.
• Two months are there for adjustment of Age Pension rates and the upper limits for asset and income tests i.e. March and September.
• The lower limits for full Age Pension eligibility are updated annually in July.
• Typically, the base rates see increases through indexation on 20 September.
• Until June 2025 deeming rates will not change.
• Adjustments to other supplements are possible but considered unlikely.
• Asset and Income test thresholds were modified on 1 July, so further changes in the near future are improbable.

The Age Pension gets adjusted twice a year, specifically on March 20 and September 20. The government believes this is the most effective way to ensure the Age Pension stays relevant with inflation, living costs, and wage changes. The actual increase will be revealed around late August or early September, and we anticipate it will align closely with our predictions. Stay alert to get the new updates.

FAQs: Centrelink Age Pension Rates 2024