Australia. Indexation brings age-pension bonus for retirees
All pensioners, whether they receive a full or part pension, will receive one if not two pension bonuses this month.
They will receive more on a fortnightly basis as a result of Friday’s indexation of the pension rates and thresholds.
The maximum single age pension has increased by $7.20 a fortnight to $933.40 and, for couples, to $703.50 a fortnight each.
Department of Human Services general manager Hank Jongen said that the first payments to include the indexation increase will be made from Tuesday.
However, the greater bonus will come – and for some, already has – in the form of a lump-sum paid directly into your bank account.
The lump sum is as a result of the change to the deeming rates that were announced July 14, reducing the lower deeming rate from 1.75 per cent to 1 per cent and the upper deeming rate from 3.25 per cent to 3 per cent.
Back payment
It will effectively be a back payment for the difference between what you received, and what you were eligible for, under the new deeming rates from July 1.
Those who have not yet received their payment are expected to do so by the end of the month.
The changes to the deeming rates will benefit about 630,000 age pensioners and almost 350,000 people receiving other payments.
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