Centrelink Age Pension Increase Application Process In October 2024: Know Eligibility & Payment Dates

In September 2024, Australia’s Centrelink Age Pension received an increase to help seniors cope with rising living costs.

If you’re 67 or older, this article will provide a complete guide to the recent increase in payments, including eligibility details, payout dates for October, and how to apply if you’re a new recipient.

Centrelink Age Pension Increase 2024

From September 20, 2024, the Age Pension received a slight increase to keep up with inflation. The increase applies to both single pensioners and couples, providing additional financial support to help cover basic expenses like bills, healthcare, and daily needs.

• Single pensioners will see an increase of $28.10, bringing the maximum fortnightly payment to $1,144.40.
• Couples will receive an extra $42.40 combined, raising their maximum fortnightly payment to $1,725.20.

Here’s a breakdown of the current payments as of October 2024:

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

Eligibility Criteria for Centrelink Age Pension 2024

To qualify for the Centrelink Age Pension, you must meet specific criteria:

1. Age Requirement: You must be at least 67 years old.
2. Residency: You must be a permanent resident of Australia, living in the country for at least 10 years, with at least 5 years of continuous residence. You should not have applied for citizenship in another country during this period.
3. Income Test:
   • If you’re single, your fortnightly income must be less than $212 to receive the full pension. If your income exceeds this amount, 25–50 cents will be deducted for every dollar earned above the threshold.
   • For couples, the combined income should be less than $372 per fortnight. Earnings above this amount will also reduce the pension by 25–50 cents per dollar. Couples earning more than $3,822.40 in a fortnight will not qualify for the pension.
4. Asset Test:
   • For renters, if you’re single, your assets must be valued at less than $566,000. Couples renting can have assets worth up to $722,000.
   • If you own your home, the asset threshold for singles is $314,000, while for couples, it’s $470,000.

If you meet these criteria, you can receive either the full pension or a reduced amount depending on your income and assets.

Payment Dates for October 2024

Centrelink pensions are paid fortnightly, and here are the key payment dates for October 2024:

• October 17, 2024
• October 23, 2024 (for recipients receiving payments via cheque)

Direct deposit payments are usually processed faster, while cheque payments may take additional time.

How to Apply for Centrelink Age Pension in October 2024

If you’re eligible and haven’t applied for the Age Pension yet, follow these steps to get started:

1. Prepare Your Documents: Gather necessary documents, including proof of identity, residency, and details about your financial position.
2. Online Application:
   • Log in to your MyGov account linked to Centrelink and submit the application online. You can start applying up to 13 weeks before reaching the eligible age.
3. In-Person Application: If you prefer, you can visit a Centrelink office to submit your application in person.
4. Assessment: Once your application is submitted, Services Australia will assess your eligibility based on the documents provided.
5. Payment Start: If approved, payments will begin on the date you become eligible.

Age Pension Value for October 2024

The Centrelink Age Pension is reviewed twice a year (March and September) to reflect inflation and the cost of living. Here are the current maximum payment values for October 2024:

• Single Pensioners: Up to $1,144.40 per fortnight, equaling $29,754 annually.
• Couples (combined): Up to $1,725.20 per fortnight, totaling $44,855 annually.

These amounts include basic pension rates and supplements, such as the Pension Supplement and Energy Supplement, which help cover utility bills and other expenses.

The Centrelink Age Pension increase in September 2024 provides valuable financial support to Australia’s senior citizens, helping them meet the rising costs of living.

With payments now increased, seniors can plan their finances better and manage their daily expenses more easily. If you meet the eligibility requirements, applying for the Age Pension is simple, and payments will start shortly after approval.

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