Rumors have surfaced regarding a $28 increase to Australia’s Age Pension in 2024, which would offer some financial relief for pensioners amid rising living costs.
However, there is no official confirmation of this increase from the Australian government or Centrelink at this time. Here’s a closer look at the facts around the current Age Pension, eligibility, and what to expect from any potential increase.
Current Age Pension Program Overview
The Age Pension is a government-provided financial benefit in Australia for eligible seniors, aimed at helping cover essential expenses in retirement.
The Department of Social Services reviews the pension rates biannually, adjusting them based on the Consumer Price Index (CPI) to counteract inflation.
| Age Pension Payment Structure | Current Fortnightly Amount |
|---|---|
| Single Pensioners | $1,020.60 |
| Couple Pensioners (combined) | $1,538.60 |
| Pension Supplement (single) | $81.40 |
| Energy Supplement (single) | $14.10 |
| Total (Single) | $1,116.30 |
| Total (Couple) | $1,682.80 |
These rates apply to eligible seniors aged 67 and over and are provided biweekly.
Eligibility Criteria for the Age Pension
Eligibility for the Age Pension depends on a few main criteria, including age, residency, and income/assets. To qualify:
- Age Requirement:
- Applicants must be at least 67 years old.
- Residency Requirement:
- Applicants need to have been Australian residents for at least 10 years.
- Applicants must be physically present in Australia when applying.
- Means Test:
- Income and assets are assessed to determine eligibility, though the applicant’s primary home is excluded from the asset test.
Is the $28 Age Pension Increase Real?
The rumor of a $28 Age Pension increase remains unconfirmed by the government. While the Age Pension amount is regularly adjusted in line with the CPI to help pensioners meet inflationary costs, no formal statement supports a significant one-time increase in 2024.
These adjustments, made every March and September, ensure that payments better reflect living costs but typically do not involve large increments.
How to Apply for the Age Pension
Eligible seniors can apply for the Age Pension through the Services Australia website. The application involves the following steps:
- Create or Log In to MyGov Account:
- Link it to Services Australia.
- Complete Application:
- Fill out the application form accurately and provide required documents like proof of age, residency, and income/assets.
- Submit the Application:
- Review and submit the form for processing. Track the application through MyGov for updates.
Fact Check: Clarifying the Rumor
The $28 Age Pension increase for 2024 is currently unverified. While the government adjusts Age Pension amounts based on the CPI, significant one-time increases outside of this routine are rare.
To stay informed, seniors should rely on updates directly from Services Australia or the government’s official website.
While any increase would benefit pensioners facing inflation, the $28 increase has not been formally announced. It’s best for pensioners to monitor reliable sources for verified information on pension adjustments and rely on official channels for the latest updates.
