The federal government of Australia in association with the Services Australia overlooks the Centrelink payments which are responsible for the financial aid provided to the eligible citizens of the country. The citizens who have reached the age of age pension are eligible to claim the age pension. The pension along with the other financial support programs are increased on the basis of routing indexation process. The major reason behind the indexation process is to balance the fortnightly pension as of the cost of living rise and high inflation in the country. This post will cover the latest updates regarding the Australia Age Pension Increase 2024 its eligibility criteria & increased payment amount.
Australia Age Pension Increase 2024
Each year, the living expenses and inflation rise in the country which result into a financial burden for the low-income individuals and their families. To compensate this cause, the Services Australia takes certain measures to increase the Centrelink payments which are considered as major source of income for the low-income or no income households. Apart from the indexation, economic conditions and the budget in the country also play a key role in age pension increment. Recently, the Services Australia announced that the Centrelink payments are getting a measure increase that will be responsible to cover the basic household expenses such as Medicare and groceries expenditures. The increase was implemented in March of this year as part of the routine indexation procedure to balance the rising living expenses in the country.
Along with the age pension, other Centrelink payments including Disability Support Pension, Jobseeker Pension, Carers pension, Youth Allowance, Parenting Payments, etc were also increased. Earlier, an eligible individual would be able to receive a fortnightly check of $987.60 while a married couple who are receiving the benefits combinedly claimed a payment of $1,491.60 per fortnight. These payments were adjusted in March 2020 after the increase was implemented in March 2024 by the Services Australia. You can check your eligibility criteria to be able to claim the payment. The Services Australia will distribute the payment via direct deposits to the respective bank accounts of the recipients on a fortnightly basis.
Centrelink Advance Payment August 2024
Australia Age Pension Increase 2024 Overview
| Post title | Australia Age Pension Increase 2024 |
| Country | Australia |
| Department | Services Australia |
| Category | News |
| Applicable for | Centrelink beneficiaries |
| Increased in | March |
| Increase as per | Routine Indexation Process |
| Year | 2024 |
| Official website | Servicesaustralia.gov.au |
Eligibility for Australia Age Pension Increase 2024
To get an increased age pension under the Centrelink payments, you will be required to qualify for the eligibility requirements. I have provided the eligibility criteria for the Australia Age Pension in the points listed below:
- A person must be a citizen and permanent resident of Australia.
- As per the age criteria, a person must be 65 years old or above.
- Income limit must not exceed the threshold limit to be eligible for the age pension increment.
- A person must be working during his/her employment years in order to claim the age pension.
- A person must be Australian resident for at least 10 years.
Australia Age Pension Increase Payment Amount 2024
The Services Australia adjusts the Centrelink payments as per the routine indexation process to keep up with the rising cost of living and high inflation in the country. The age pension increase will be of significant assistance for the low-income or no income citizens of the country while making their daily expenditures more balanced and manageable. The department distributes the age pension via direct deposits to the bank accounts of the recipients on a fortnightly basis. You can check the major changes in the age pension as per the increase implemented in March 2024 in the following table:
Age Pension:
| Category | Previous payment | Payment as of March 2024 |
| Single | $987.60 per fortnight | $1,116.30 per fortnight |
| Couple (each) | $745.80 per fortnight | $841.60 per fortnight |
| Couple (combined) | $1,491.60 per fortnight | $1,682.80 per fortnight |
| Couple (separated due to sickness) | $987.60 per fortnight | $1,116.30 |
NOTE: The data provided in the above-mentioned table is sourced by the Services Australia and there may occur some changes in the pension amount when the cost of living and the inflation will rise.
How to Apply for Australia Age Pension Increase 2024?
Before moving further towards the application process, make sure you have checked the eligibility criteria. Only then, you will be able to receive the increment in your age pension. You can check the step-by-step procedure to apply for the age pension mentioned in the following points:
- You can apply for the age pension online which is considered as the easiest and quickest way to apply.
- You will be required to login to myGov account if your Centrelink account is attached to it.
- If you do not have a myGov account, then you can create one to apply for the benefits.
- After that login to the account and click on Make a Claim.
- Gather all the essential documents that will be asked by the Services Australia to provide while filling the application.
- Attach the documents with the form and submit it.
- If you and your partner both are claiming the age pension, then you are able to submit and combined partner claim online.
For more information and to track your payment status, you can visit the official website of the Services Australia.
| Home Page | Click Here |
David has spent Several years reporting on the oil and gas industry, uncovering the latest trends and technological breakthroughs. His expertise in energy markets and passion for sustainable practices make his articles both insightful and forward-thinking. Davis’s in -depth analyses are a staple for professionals seeking to stay ahead in this dynamic field.