From 17th October 2024, the Centrelink Age Pension will be increased to $1,144.40 per fortnight and couples $1,725.20 combined. This article covers all the details about the amount updated, payment schedules, eligibility criteria, and more to help pensioners check all the changes.
The Centrelink Age Pension is a very important support mechanism for the ages of Australians. It provides help to those persons who reached their retirement age to maintain their living standards. As the prices of everything increase, inflation takes place Centrelink checks out their pension regularly and hence there is a big update into October for the pension payouts.
Here are the full details about the changes to the pension, eligibility criteria, and More. Go deeply and check it.
Centrelink Age Pension October 2024
For many elderly Australians, it is an important source of Finance, Into the upcoming month, October 2024 the payment is expected to be increased. Check out your eligibility, assets limited, eligibility criteria, and more so that you can take more and more benefits from these available resources.
| Pension Amount (Single) | Increased to $1,144.40 per fortnight |
| Pension Amount (Couple) | $1,725.20 per fortnight as couple. |
| Age Eligibility | 67 years |
| Date of Payment | 17 October 2024 (bank deposits), 23 October 2024 (cheques) |
| Apply Process | Given Below |
| Official Website | https://my.gov.au/ |
Pension Amounts for October 2024
From the 17th of October 2024, Australians can see an increment in the Age Pension. With the Consumer Price Index (CPI) and the Pensioner and Beneficiary Living Cost Index, these adjustments are tied up. You can expect:
- Singles will get $1,144.40 per fortnight, an increment of $28.10 from the last amount.
- Couples (combined) will get an increment to $1,725.20 per fortnight, up $42.40.
These increments are made to meet the increasing rates of basic essential needs like health care, groceries, and utilities.
Eligibility Criteria for Centrelink Age Pension
Check out the below requirements to be eligible for the Centrelink Age Pension.
a. Age Requirements
One must be of 67 age or above than this for the Age Pension. The age limit has increased over the years. One who is born after 1957 can apply for a pension.
b. Residency Requirements
For the last 10 years, the applicants must reside in Australia with at least residency of 5 years continuously. There are some exclusions for persons with some other situations, such as refugees.
c. Income Test
The age pension will be determined based on your income. Income plays a very significant role in this. The following details will be applied from October 2024 for the income test.
- Singles: To qualify for a pension, the income of fortnightly is must be lower than $2,500.80.
- Couples: To qualify, the couple’s income must be below then the $3,822.40.
In case, your income is above these, then your pension will get reduced and it is not payable to you.
d. Asset Test
The eligibility will also be affected by the Assets Test. The primary house value is excluded but savings, investment, and other properties are included.
- Singles: For homeowners, the upper asset limit is $695,500.
- Couples: For homeowners, the upper limit is $1,045,500.
The assets limited are so much higher/higher for the non-homeowners.
Procedure to Apply for the Centrelink Age Pension
It is a straightforward process. Follow all the steps appropriately if you meet all the eligibility Criteria.
- Create or Log In to MyGov: Visit myGov portal and open your Centrelink account.
- Check Eligibility: Check your eligibility and make sure to meet the residency, income, and other details.
- Submit an Application: Fill all the details into the application form and attach all the important docs like income proof and declaration of assets.
- Track Your Application: Centrelink will check out your application form and You can Track your application status.
Apply early for the process as it takes several weeks.
Payment Schedule for October 2024
In Fortnightly, the payments are typically made. The dates of Payment are as follows:
- Direct Bank Deposits: Direct Bank Deposits will be made on October 17th, 2024.
- Cheque Payments: On 23rd October 2024, the cheques are made.
Frequently Asked Questions (FAQs)
Q: When will there be an increase in the October 2024 Pension?
Ans: The new amount will updated from the 17th of October 2024. The changes in the first payment will be reflected in October 23rd, 2024.