Check the details about the Pension Changes in Australia: New Pension Increase Amount, Eligibility Changes, Payment Dates here. The seniors might notice the changes in the pension plan in the upcoming days. To clear the confusion of the seniors about the Pension Changes in Australia and in rules, we have shared the complete details here for your reference.
Pension Changes in Australia
Despite the disbursement of the Superannuation, the Age Pension plays a significant role as there source of income for the seniors in the country. According to the reports of the Federal Government, 39 percent of Australians receive partial pension payments while 40 percent of seniors receive a full pension as their source of income.
As we know now the country has been facing higher inflation and the cost of living has also increased. These factors have affected the citizens and they are not able to meet their basic requirements. The situation has raised concern for the seniors in the country. They are majorly affected by this condition. To help and support such seniors the authorities have decided to modify the rules of the pension plan. Scroll down to get more details about the changes in the pension plans.
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New Pension Increase Amount
The changes made in the rule of the pension plans are made occasionally or frequently. The changes completely depend upon the Government policies and the country’s economy. The basic changes that are initiated in the pension plans are the Age Pension generally increases in March or September. The threshold limit of the income and the assets are marked in March, July, and September. The income stream and the assets drawdowns are revised in July. The discussion for the rates and the Threshold Limits will be implemented in July.
The age pensioners will be receiving the additional amount of $4000 without losing the regular benefits. These amounts are to be made to encourage the seniors to work a bit more than the older age to improve the employment storage in the country. The amount will be disbursed by the national job summit. There were many other changes made in the pension plan during the final quarter of the previous year. A temporary income of $7500 was initiated for the workers and the seniors who wanted to continue to earn even after retirement. The temporary plan was on hold for 2 months this year. The authorities have decided to continue this payment until the new fiscal year.
Pension Eligibility Changes
The changes in the benefit rate and threshold limit, the eligibility has also been changed for this fiscal year. Certain changes that are significantly changed are discussed in this section.
- The candidates should be the habitual resident of the country. They should have the residential proof to be submitted.
- The immigrants who have settled in the country for study and employment should have a minimum of 10 years of history of residing in the country. In these 5 years should be continuous to receive the amount.
- The receivers should be in the country while submitting the documents and the application for the revised pension.
- The widows of Australian residents should have the residential proof and the work history for living in the country. They should provide all the related documents of their deceased partners. They should have a minimum of 104 weeks of residency history.
- The applicant should pass the asset test and the income test to be eligible to receive the amount.
The details to pass both the tests are discussed below:
Asset Test
The applicant with the property outside the country will be considered an asset and be calculated as part of the Australian currency. Seniors should not have more than 1 house in the country.
The minimum asset of the single should be below $301750 if they don’t own a property. The minimum asset of a single owning a property is $667500. The minimum asset of the couple should be below $451500 if they don’t own a property. The minimum asset of a couple owning a property is $1,003,000.
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Income Test
The minimum income of the individuals should be less than $2500 per fortnight. The minimum income of the couple together should be less than $3,666.80 per fortnight.
The couple the individuals earning quite higher than the income limit will be eligible for partial pensions. But other rules were imposed for them to receive the partial allowance.
Pension Payment Dates
The dates are revised and the schedule will be the same for this fiscal year. the candidates will receive the increased amount as the regular allowance on the date of disbursements. The candidates working after their retirement will be receiving the additional payment of $7000 as part of their monthly deposit. The amount is a one-time payment and can be issued during March or September Month.
