Age Pension increases: 20 March 2020

Font Size:

In accordance with indexation, Age Pension payment rates will increase as of 20 March 2020, but today, we can help you find out if you’ll receive more money as a result.

From 20 March 2020, the following fortnightly pension payment rates apply:

Maximum fortnightly Age Pension payment rates

     Previous   Current   Increase 
 Single  Base  $850.40  $860.60  $10.20
   Supplement  $68.90  $69.60  $0.70
   Energy Supplement  $14.10  $14.10  —
   Total  $933.40  $944.30  $10.90
 Couple (each)   Base  $641.00  $648.70  $7.70
   Supplement  $51.90  $52.50  $0.60
   Energy Supplement  $10.60  $10.60  —
   Total  $703.50  $711.80  $8.30

The Pension Supplement is paid as part of certain regular fortnightly income support payments to help eligible recipients meet the costs of daily household and living expenses.

Pension Supplement* basic amount

   Previous   Current   Increase 
 Single  $23.90  $24.20  $0.30
 Couple separated   $23.90  $24.20  $0.30
 Couple (each)  $19.70  $19.90  $0.20


Pension Supplement# minimum amount

 Previous   Current   Increase
 Single  $37.00  $37.40  $0.40
 Couple separated   $37.00  $37.40  $0.40
 Couple (each)  $27.90  $28.20  $0.30

Pension Supplement basic is for those receiving a pension while overseas
Pension Supplement minimum is for those paid a pension under the transitional rules

Planning your finances in retirement will help you decide whether you can support your ideal retirement lifestyle with or without the help of the Age Pension. 

And, if you’ve just missed out on a part Age Pension due to your income or assets, indexed thresholds may mean you now qualify, so what are the new rates?

RELATED LINKS

Age Pension increases: 20 March 2020

How much more Age Pension will you receive?

Age Pension update: increases and changes from 20 March 2020

Changes to the Age Pension that will come into effect on 20 March 2020.

Changes to JobSeeker rates and thresholds

From 20 March 2020, JobSeeker rates and thresholds will be indexed.

Written by Ben



SPONSORED LINKS

Sign-up to the YourLifeChoices Enewsletter

continue reading

Health Insurance

Ageing baby boomers are missing out on health cover savings

Most older Australians see their health insurance premiums rise every year but don’t realise these high costs can be for...

Travel News

Vaccination no guarantee of open borders, says health minister

Australia's international border could remain closed even after the vaccination rollout is complete, according to health minister Greg Hunt. Mr...

Work

The 'risk' of letting your grey hair grow out

At what point do you stop dyeing your hair and allow the grey to grow out? Is it after you...

Stylewatch

Five running shoes reviewed

With the cooler weather, autumn and winter are arguably the best seasons to run in Australia, so it might be...

Government

How large is Rupert Murdoch's reach in Australian media?

Former prime minister Kevin Rudd's petition to establish a royal commission into media diversity in Australia attracted more than half...

Uncategorized

Coronary heart disease is the biggest killer of women worldwide

Heart attacks are still often seen as a 'male health' issue, yet coronary heart disease - which is the main...

COVID-19

Another vaccine ruled out as second blood clot case emerges

Australia's Therapeutic Goods Administration (TGA) has announced that a second case of blood clots is believed to be linked to...

Superannuation News

Super funds fight for changes to reforms

Your Super, Your Future legislation will be enacted within three months and leading players are weighing in on the impact...

LOADING MORE ARTICLE...