Centrelink have announced changes to the Age Pension payment rates and also to the income and asset thresholds. This means more money in the pockets of Australian Seniors. So what are the changes?
- The full Age Pension rate for a single person, including supplements, has increased by $8.40 to $952.70 per fortnight.
- The full Age Pension rate for each member of a couple, including supplements, has increased by $6.30 to $718.10 per fortnight.
Income Test Thresholds
The upper, or disqualifying limit, has increased. This means you can earn slightly more before you are no longer eligible for the Age Pension.
- For singles the upper limit has increased by $16.80 per fortnight to $2,083.40 or $54,168.40 per annum.
- For couples the upper limit has increased by $25.20 per fortnight to $3,188.40 or $82,898.40 per annum.
If you just missed out on the age pension due to the income test this increase might just be enough to help you qualify.
Asset Test Thresholds
The assets test upper, or disqualifying limits have increased as well.
- For singles, the upper threshold has increased by $2,750 to $585,750 for homeowners and $800,250 for non-homeowners.
- For couples, the upper threshold has increased by $4,000 to $880,500 for homeowners and $1,095,000 for non-homeowners.
Just as with the income test this increase in the upper threshold for the assets might just be enough to help you qualify.
Finally, the maximum fortnightly payment has increased by $1.20 per fortnight to:
- A maximum of $140.80 for a single person
- A maximum of $132.80 for a couple
The changes will be effective from March 20 2021 and our eligibility calculator will have all the new rates included from Friday evening the 19th March 2021. You can check your entitlements now and again on Friday evening when the rates are updated. Check them here