Pension Increase: A Welcome Boost for Age Pension, Carer Payment, and Disability Support Pension Recipients
Good news for those receiving Age Pension, Carer Payment, and Disability Support Pension: starting 20 March 2023, payment rates for these pensions will significantly increase. This blog post will discuss the details of the pension increase and what it means for recipients. Pension Increase Overview Effective from 20 March 2023, the Age Pension, Carer Payment, and Disability Support Pension will see the following increases:
For singles: an additional $37.50 per fortnight
For couples combined: an additional $56.40 per fortnight
The increase to the Disability Support Pension will apply to customers who are:
Older than 21 years of age
Younger than 21 and caring for a dependent child
Automatic Implementation Recipients of these pensions do not need to take any action to receive the increase. The new rates will be applied automatically, ensuring a seamless transition to the updated payment amounts.
Regular Reviews It is essential to note that the rates for Age Pension, Carer Payment, and Disability Support Pension are reviewed twice a year, in March and September. This ensures that the payment rates remain in line with the cost of living and continue to provide adequate financial support to recipients.
Conclusion The upcoming pension increase for Age Pension, Carer Payment, and Disability Support Pension recipients is a welcome change that will provide additional financial support to those who rely on these payments. With no action required on the part of recipients, the increased payments will be implemented automatically, offering a hassle-free experience. By staying informed about these changes and understanding how they affect you, you can better plan for your financial future and ensure you receive the support you need.
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