As people retire, many worry about having enough money. For most Australians, the Centrelink age pension is essential.
In May 2024, the pension will increase by 6%. Singles will get $19.60 more every two weeks, and couples will get $29.40 more.
We’ll explain why these increases matter, how they happen, who benefits, and share tips for retirement planning.
jobseeker payment increase 2024
Age Pension Rates (March 2024 – September 2024)
- Single: $1,116.30 per fortnight ($29,028 per year)
- Couple (each): $841.40 per fortnight ($21,876 per year)
- Couple (combined): $1,682.80 per fortnight ($43,753 per year)
- Separated due to illness (each): $1,116.30 per fortnight ($58,048 per year combined)
Pension Breakdown for Singles
- Maximum Base Rate: $1,020.60 (+$18.10)
- Pension Supplement: $81.60 (+$1.50)
- Energy Supplement: $14.10
- Total: $1,116.30 per fortnight ($29,028 per year)
Pension Breakdown for Couples
- Maximum Base Rate: $769.30 each (+$13.60)
- Pension Supplement: $61.50 each (+$1.10)
- Energy Supplement: $10.60 each
- Total: $841.40 each ($1,682.80 combined) per fortnight ($43,753 per year)
Future Increases
The next potential increase will be on September 20, 2024, based on changes in economic indicators like the Consumer Price Index (CPI).
Eligibility for Age Pension
- Age: Must be 67 or older
- Residency: Must meet Australian residency rules
- Income Test: For full pension, singles must earn below $212 per fortnight; couples below $372 per fortnight
- Assets Test: For full pension, singles must have assets below $314,000 (homeowners) or $566,000 (non-homeowners)
Income and Assets Thresholds
- Single: Full pension if assets below $314,000 (homeowner) or $566,000 (non-homeowner)
- Couple: Full pension if assets below $470,000 (homeowner) or $722,000 (non-homeowner)
Work Bonus
You can earn up to $300 per fortnight from work without it affecting your Age Pension.
Rent Assistance
If you’re paying rent, you might be eligible for additional assistance if your rent exceeds certain thresholds.
Payment Schedule
- Fortnightly: Default payment schedule
- Weekly: Available for those who are homeless or struggling financially
- Advance Payment: Available after receiving the pension for three months