Pensioner income thresholds have increased

Pensioner income thresholds have increased so pensioners (age and veteran) will soon be able to work extra hours without affecting their Centrelink payments.

Legislation introduced into Parliament recently will extend the $4,000 boost to the work bonus scheme for an extra six months to 31 December 2023.

The move is aimed at boosting workforce participation among older Australians in the face of nationwide worker shortages by giving pensioners the choice to supplement their income, and work more hours, should they wish to do so. The ability to increase work hours without affecting pension payments will be welcome in light of the rising cost of living.

There has been no change to the asset test, hence only those impacted by the Centrelink income test are likely to benefit.

Are you eligible to receive the age pension?

On 1 July 2021, Age Pension age increased to 66 years and 6 months for people born from 1 July 1955 to 31 December 1956, inclusive.

If your birth date is on or after 1 January 1957, you’ll have to wait until you turn 67. This will be the Age Pension age from 1 July 2023.

Read more about Age Pension age requirements on the Department of Social Services website.

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