The Australian government has announced that the age pension<\/strong> and eligibility criteria for part pensions<\/strong> will be updated, effective 20 March<\/strong>. This adjustment includes an increase in the base age pension rate<\/strong> as well as an upward revision of the income and asset limits for those eligible for a part pension.<\/p>\n\n\n\n
Starting 20 March,<\/strong> single age pensioners<\/strong> will receive an extra $4.20 per fortnight, increasing the base rate<\/strong> to $1,051.30 per fortnight. Couples<\/strong> will receive an additional $3.20 per person per fortnight, raising their base rate to $792.50 per partner per fortnight.<\/p>\n\n\n\n
For those eligible for the supplement payment<\/strong> and the energy<\/a> <\/strong>supplement, the total payment will increase. Single pensioners<\/strong> will now receive $1,149 per fortnight, while couples<\/strong> eligible for these supplements will receive $866.10 per partner per fortnight.<\/p>\n\n\n\n
As part of the indexation changes<\/a>, the asset limits<\/strong> for a part pension will rise slightly. Single homeowners<\/strong> who have assets greater than $314,000 but less than $695,500 will now be able to qualify for a part pension<\/strong> up to an upper asset limit of $697,000. Non-homeowners<\/strong> will see their asset limit increase from $947,500 to $949,000.<\/p>\n\n\n\n
Australians in retirement must meet income limits<\/strong> to qualify for the full or part age pension<\/strong>. For a full age pension<\/strong>, the income limits will remain unchanged until 30 June. However, for those qualifying for a part pension, the income limits will increase starting 20 March<\/strong>.<\/p>\n\n\n\n
Single pensioners will now be able to earn up to $2,510 per fortnight, an increase of $9.20 from the previous limit of $2,500. For couples<\/strong>, the new combined income cap<\/strong> to qualify for a part pension<\/strong> will rise to $3,836.40 per fortnight from $3,822.<\/p>\n\n\n\n
Single pensioners earning more than $212 but less than $2,510 per fortnight will now be eligible for a part pension<\/strong>, while couples with a combined income<\/strong> of more than $372 but less than $3,836.40 will also qualify for a part pension.<\/p>\n\n\n\n
These changes are designed to support pensioners as they navigate the rising cost of living. The age pension asset<\/strong> and income thresholds<\/strong> have been adjusted to ensure that those on the age pension or receiving a part pension are better equipped to manage their financial situation in retirement<\/a><\/strong>.<\/p>\n\n\n\n