Saturday, March 30, 2024

Are Age Pensions being cut?

Sally is sure that she’s read somewhere that the Age Pension will be cut following the Budget 2016/17 announcement. Is this true?

Q. Sally

I’m sure I read somewhere after the announcements on Budget 2016/17 that the Age Pension will be cut by about $10 for members of a couple and $14 for singles. Is this true? If so, this is ridiculous, because as it’s already too hard to live on the meagre Age Pension and I for one can’t afford to lose $14 a fortnight from my income.

There was an announcement as part of Budget 2016/17 that the Clean Energy Supplement would not be paid to new recipients of the Age Pension from 20 September 2016. That means that if you are currently on the Age Pension, you will continue to receive the Clean Energy Supplement, which is paid at the rate of $10.60 for each eligible member of a couple and $14.10 for singles.

For those who are granted an Age Pension after 20 September 2016, the Clean Energy Supplement will no longer be paid, which could be considered by some as a cut.

Correction:  ‘the Clean Energy Supplement would not be paid to new recipients of the Age Pension from 20 September 2016’ replaced ‘the Clean Energy Supplement would not be paid to new recipients of the Age Pension after 1 July 2017’ and ‘For those who are granted an Age Pension after 20 September 2016’ replaced ‘For those who are granted an Age Pension after 1 July 2017’.

Related articles:
Budget 2016/17: Is that all there is?
Budget 2016/17: Super changes for high income earners
Budget 2016/17: Reducing the tax burden
Budget 2016/17: Targeted welfare safety net
Budget 2016/17: Crackdown on multinational tax avoidance
Budget 2016/17: How will the new tax changes affect the individual?
Budget 2016/17: Government to invest a record $50 billion on infrastructure
Budget 2016/17: Scott Morrison on a fairer super system
Budget 2016/17: Making super fairer and sustainable
Budget 2016/17: What’s in it for retirees?
Budget 2016/17: PM confident of re-election

FROM THE AUTHOR
- Our Partners -

DON'T MISS

- Advertisment -

MORE LIKE THIS

- Advertisment -

Log In

Forgot password?

Don't have an account? Register

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Add to Collection

No Collections

Here you'll find all collections you've created before.