Centrelink Age Pension Increase For 67 Years Old In October 2024: Know Eligibility

The Australian government has introduced an increase in the Centrelink Age Pension payments, effective from September 2024.

This update will benefit senior citizens who are 67 years and older, providing them with additional financial support to cope with the rising cost of living.

In this article, we’ll cover all the details of the new Centrelink Age Pension increase, including payout dates, eligibility criteria, and how to apply for the age pension.

Centrelink Age Pension Increase Details

Starting from 20 September 2024, Age Pension recipients will see an increase in their fortnightly payments. This includes not just the basic pension rate but also supplementary payments, such as the Pension Supplement and Energy Supplement.

Here’s a breakdown of the new payments:

Payment Type	Single Pensioner	Couple (each)	Couple (combined)
Maximum Basic Rate	$1,047.10	$789.30	$1,578.60
Pension Supplement	$83.20	$62.70	$125.40
Energy Supplement	$14.10	$10.60	$21.20
Total Payment	$1,144.40	$862.60	$1,725.20

As a result of this increase:

• Single pensioners will receive $28.10 more per fortnight.
• Couples will see a combined increase of $42.40.

These changes aim to help seniors manage their daily expenses, including utilities, healthcare, and general living costs, as inflation continues to affect the cost of living.

Eligibility for Age Pension in 2024

To qualify for the Centrelink Age Pension, there are several eligibility criteria applicants must meet:

1. Residency:
   • Applicants must be Australian residents and have lived in Australia for at least 10 years, including at least 5 years of continuous residence.
   • You must not have applied for citizenship in another country during this period.
2. Age Requirement:
   • The minimum age for applying is 67 years. For couples, only one spouse needs to meet this age requirement if they’re applying together.
3. Income Test:
   • Single applicants must have a fortnightly income of less than $212.
   • For couples, the maximum combined income should be $372 per fortnight.
   • If your income exceeds these limits, your pension amount will be reduced by 25 to 50 cents for every extra dollar earned.
   • Applicants earning more than $3,822.40 (couples) or $2,500.80 (singles) will not receive pension benefits.
4. Assets Test:
   • For individuals renting, your assets must be valued below $566,000, and for couples, below $722,000.
   • Homeowners are subject to different asset limits: $314,000 for singles and $470,000 for couples.

Applicants who meet these criteria will receive full pension payments. Those with higher income or asset levels may still receive partial payments, depending on how much they exceed the thresholds.

Payment Dates for October 2024

Centrelink follows a regular fortnightly payment schedule, ensuring seniors can plan their finances. The upcoming payment dates for October 2024 are:

• 17 October 2024
• 23 October 2024 (for those receiving payments by cheque, allowing for longer processing times)

Payments are typically deposited on Wednesdays or Thursdays, but it may vary slightly based on your last payment date or how you receive the funds.

How to Apply for the Age Pension

Applying for the Age Pension is a straightforward process and can be done either online or in person. Here’s a quick guide:

1. Prepare Documents: You’ll need to have proof of your identity, residency, and financial situation (including income and assets).
2. Online Application: Log into your MyGov account and complete the application online. You can begin your application up to 13 weeks before you reach the eligible age.
3. In-Person Application: Visit a Centrelink office if you prefer to apply in person.
4. Application Assessment: Once submitted, Services Australia will review your application. If approved, payments will begin on the date you become eligible.

Age Pension Values for October 2024

The Centrelink Age Pension is adjusted twice a year to ensure it keeps pace with inflation and the cost of living. The most recent adjustment, which took effect in September 2024, increased the following amounts:

• Single Pensioner: $1,144.40 per fortnight, or $29,754 annually.
• Couples (combined): $1,718.80 per fortnight, or $44,855 annually.

In addition to the basic rates, pensioners may receive supplement payments like the Pension Supplement and Energy Supplement, which help cover utilities, healthcare, and other essential costs.

The Centrelink Age Pension increase in 2024 is a crucial measure to support Australia’s senior citizens as they face rising living costs. By understanding the eligibility criteria and applying correctly, pensioners can ensure they receive the full benefits to which they are entitled.

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