The Australian government is going to announce an Australian Pension Increase in July 2024 due to rising living costs and the inflation rate. People who are receiving disability pensions, retirement pensions, or other such benefits can expect an increase in July 2024. Nearly 2.4 million Australian citizens will get the benefit of slightly bigger payments. The Government provides an aged pension plan to its citizens in which they offer funds to qualified seniors.
The CPI has increased by 4% in the year to May 2024. Due to that, the pension authorities have increased the Australian Pension Amount 2024 to their old aged qualify citizens. The chief purpose behind this is to provide fiscal relief to the inhabitants who have been retired, low income survivors, or disabled. It will help them cover their daily living expenses. Read the article to learn more about Australia’s Pension Increase in July 2024.
Australia Pension Increase in July 2024
There is good news for the Australian pensioners this year. The government of Australia has somewhat increased the Australian Pension in July 2024. Citizens entitled to a full age pension will receive payment every 2 weeks. The individual will get up to AUD 1064.00; for couples, it is AUD 1604.00. Also, if you are working you can still get the full age pension every two weeks only if your income is below AUD 360 for couples and AUD 204 for individuals. This Australia Pension Changes 2024 would help the disabled, retired, or low pay survivors financially.
The government hasn’t announced the official dates of when they will deliver the Increased Australian Pension Amount to your bank accounts. However, the beneficiaries can expect the payment in mid-July or by the end of July 2024. If you want to get a Pension Increase in July 2024, you need to provide the correct details to the government for Australia Pension 2024 otherwise your application will get rejected.
Pension Increase July 2024 Australia- Overview
| Title of the Article | Australia Pension Increase in July 2024 |
| Department Name | Service Australia |
| Beneficiaries | Citizens of Australia |
| Australia Pension Increase Payment Date 2024 | July 2024 |
| Country | Australia |
| Category | Government Aid |
| Official Website | serviceaustralia.gov.au |
Australian Pension 2024- Eligibility Criteria
Senior Citizens need to meet the Australian Pension Eligibility Criteria 2024 to become entitled to the Australian Age Pension. If you meet the certain age criteria, and residency rules and pass both the assets test and income test, you become eligible. The assets you own, and your income level define whether you will receive full or partial payment. Below stated are the eligibility requirements for Australian Pension 2024:
- If you are a widowed woman then you must be an inborn of Australia.
- The Recipient should be a permanent Australia resident.
- You should be residing in Australia for a long duration.
- There is a certain age norm for the Australian Old Age Pension Program that you need to meet. Your age must be conferring to the DOB. Refer to the below table to learn more about it:
| Age Criteria for Pensionable Amount | Date of Birth |
| 65 Years & Six Months Old | 1st July 1952 to 31st Dec 1953 |
| 66 Years Old | 1st July 1954 to 30th June 1955 |
| 66 Years & Six Months Old | 1st July 1955 to 31st Dec 1956 |
| 67 Years | 1st July 1957 to Present-day |
Australia Pension Increase Coming in July 2024
Citizens who are aged above 67 will get the Australia Pension Increase in July 2024 from Services Australia. The pension amount depends on numerous factors which led to changes in the amount from person to person. The Australian government provides pension programs to its citizens to help them overcome financial burdens. The Australian Pension Changes 2024 is determined according to inflation. They would be able to manage their expenses with some extra amount which automatically will bring an enhancement in their economic condition.
The Australia Bureau of Statistics uses the MTAWE, PBLCI, and Consumer Price Index (CPI), to increase the Age Pension rates in 2024. Each year in Mar and Sept, the rates of income and asset test and Age pension are modified to determine who is eligible for it. In July, the full age pensions are altered for the persons determining lower restrictions. All these pensionable income rates are determined with the help of the Consumer Price Index.
Australia Pension Changes 2024
Normal Rates
| Particulars | Individual | Couple | Couple Combined | Couple separated due to ill health |
| Energy Supplement | AUD 14.10 | AUD 10.60 | AUD 21.20 | AUD 14.10 |
| Basic Rate (Max) | AUD 1020.60 | AUD 769.30 | AUD 1538.60 | AUD 1020.60 |
| Pension Supplement (Max) | AUD 81.60 | AUD 61.50 | AUD 123.00 | AUD 81.60 |
| Total | AUD 1116.30 | AUD 841.40 | AUD 1682.80 | AUD 1116.30 |
Transitional Rates
| Particulars | Individual | Couple | Couple Combined | Couple separated due to ill health |
| Energy Supplement | AUD 14.10 | AUD 10.60 | AUD 21.20 | AUD 14.10 |
| Maximum Rate | AUD 908.80 | AUD 734.00 | AUD 1468.00 | AUD 908.80 |
| Total | AUD 922.90 | AUD 744.60 | AUD 1489.20 | AUD 922.90 |
How to Apply for Aged Pension in Australia?
You can apply for Aged Pension in Australia 2024 if you qualify for its eligibility criteria. Follow the below stated steps to know how to claim your age pension:
- Visit the official site i.e. serviceaustralia.gov.au.
- Log in to your MyGov account.
- There you will see an option for single or couple, you can apply accordingly.
- After choosing, fill out the form.
- Submit the necessary documents and then tap on the Claim option.