Planned Age Pension increases
YOURLifeChoices member Dick is sure his Age Pension is due to increase soon, but doesn’t know when or by how much.
Are old age pensions rising shortly? I’m sure I read somewhere that we are due an increase.
A. The good news is that yes, Age Pension will be increasing, but you’ll have to wait until March to receive the new payment rate.
Pensions are indexed twice a year, March and September, to the higher of the increase in the Pensioner and Beneficiary Living Cost Index and the increase in the Consumer Price Index. View the current rate of Age Pension and the increase implemented in September 2012.
In addition to indexation, the implementation of the Clean Energy Supplement will take place from 20 March 2013. This is an annual amount of $338 for singles ($13 per fortnight) or $255 for each individual member of a couple ($9.80). If you prefer, you can opt to have this amount paid quarterly rather than fortnightly. The Clean Energy Supplement will also be indexed.
To find out more about the Clean Energy Supplement, read YOURLifeChoices article, Carbon Tax: what’s in it for pensioners.