Government lifts age pension age
The Federal Government will gradually lift the age at which Australians qualify for the age pension to 67.
The move has come at the same time as the Government has used the Federal Budget to increase the age pension to $32.49 for single pensioners and by $10.14 for couples.
In doing so, the Government has decided to change the pension eligibility income test rules in a move which it claims will ensure that help will be delivered to those most in need.
Pension payments will be simpler to understand and available on a more flexible basis so pensioners can plan and budget more effectively.
According to the Budget, the Government will simplify the existing pension allowances by creating a new fortnightly Pension Supplement.
It was also announced that from September 20, the existing Goods and Services Tax Supplement, Pharmaceutical Allowance, Utilities Allowance, Telephone Allowance (at the higher internet rate), and increased assistance of $2.49 per week for singles and $10.14 per week for couples combined will be included in the new fortnightly Pension Supplement.
It also said that to assist pensioners to meet lump-sum costs, from July 1 next year pensioners would:
- be able to receive around half of the Pension Supplement quarterly; and
- have greater access to advance pension payments through an increase in the maximum allowable advance and increase in the number of times they can access advances in a year.
It was also announced that from July 1, 2011, the new fortnightly Pension Supplement would be increased to include the Carbon Pollution Reduction Scheme.
AUTHOR
Mike Taylor
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