age pension increase march 20 2024

As of 20 March 2024, the Age Pension in Australia has increased. The information detailed below shows the increases, as confirmed by the Federal Government, including supplements for singles and couples. 

  • For a single person, the maximum Age Pension will increase by $19.60 per fortnight to $1116.30
  • For a couple, the maximum Age Pension will increase by $29.40 per fortnight to $1682.80

How the Age Pension increase is calculated

The Age Pension increase is determined by a formula that considers three factors:

Consumer Price Index (CPI): This reflects changes in the cost of everyday goods and services over the past six months.

Pensioner Beneficiary Living Cost Index (PBLCI): This measures the specific impact of inflation on retirees’ expenses.

Male Total Average Weekly Earnings (MTAWE): This ensures the Age Pension remains at least 41.76% of what full-time male workers typically earn (though this factor hasn’t influenced the increase in the past 15 years).

For the 20 March 2024 increase, the CPI played a larger role as it showed a higher rise in costs compared to the PBLCI.

Changes to Age Pension rates

The Federal Government has confirmed the new payment rates from 20 March 2024 for recipients of the Age Pension, Disability Support Pension, and Carer Payments.

Per fortnightCurrent – Single20 March 2024 – SingleCurrent –  Couple combined20 March 2024 – Couple combined
Maximum basic rate$1002.50$1020.60$1511.40$1538.60
Maximum Pension supplement$80.10$81.60$120.80$123.00
Energy Supplement $14.10$14.10$21.20$21.20

Changes to income and assets thresholds

The income and assets thresholds have also increased. This means that some people who previously did not qualify for the Age Pension may now be eligible.

Here’s how the income and assets thresholds have changed for the Age Pension.

Pension Disqualifying Income Limits
Family Situation – Resident (per fortnight)Previous Amount20 Mar 2024Increase pf
Couple (combined)$3,666.80$3,725.60$58.80
Illness-separated (couple combined)$4,746.80$4,825.20$78.40
Pension Disqualifying Assets Limits 
Family Situation – ResidentPrevious Amount20 Mar 2024Increase
Single, homeowner$667,500$674,000$6,500
Single, non-homeowner$909,500$916,000$6,500
Couple (combined), homeowner$1,003,000$1,012,500$9,500
Couple (combined), non-homeowner$1,245,000$1,254,500$9,500

If you would like to check your Age Pension eligibility under the new rates and thresholds, you can do so using Retirement Essentials free Age Pension Eligibility Calculator. If you would like to learn more about ways of maximising your own entitlements, then one of our consultants can assist in a scheduled appointment which allows you to ask all your questions and share any concerns.