All You Need to Know
Centrelink has announced pension updates for December 2024, featuring increased payment rates, updated eligibility criteria, and important deadlines. These changes impact Age Pension, Disability Support Pension (DSP), and Carer Payment recipients. Here’s a comprehensive guide to help you navigate these updates.
What Are the New Pension Rates for December 2024?
Updated Payment Rates
Effective from December 20, 2024, pensioners will receive increased payments to help with the rising cost of living:
| Recipient Type | Current Rate (per fortnight) | New Rate (per fortnight) |
|---|---|---|
| Single Pensioner | $1,044.70 | $1,064.30 |
| Pensioner Couple (Combined) | $1,577.50 | $1,604.50 |
Click here to view the full payment rate breakdown on Services Australia.
Updated Pension Rates
Who Is Eligible for Centrelink Pensions in December 2024?
Age Requirements
To qualify for the Age Pension, you must meet the minimum age of 67 years as of December 31, 2024.
For details about age eligibility:
Age Pension Eligibility Requirements
Income and Asset Tests
Eligibility depends on income and assets. Below are the updated thresholds:
- Income Test:
- Singles: $204 per fortnight for a full pension.
- Couples: $360 combined per fortnight.
- Asset Test (excluding the family home):
- Singles: $301,750 (homeowners); $543,750 (non-homeowners).
- Couples: $451,500 (homeowners); $693,500 (non-homeowners).
Estimate your eligibility with the official Centrelink Bonus Payment Rumors
Key Deadlines You Shouldn’t Miss
- Payment Increase Date: December 20, 2024
- Eligibility Assessment Deadline: December 15, 2024
If you miss the eligibility deadline, you may need to wait until the next payment cycle for updates.
Additional Benefits and Changes
Energy Supplement
This continues to help pensioners manage energy costs. It’s automatically included in payments.
Details on the Energy Supplement
Work Bonus Scheme
You can earn up to $300 per fortnight without affecting your pension.
Pension Loan Scheme Updates
The Pension Loan Scheme (PLS) allows retirees to access additional income. Updates include:
- Lower Interest Rate: Reduced to 3.5% per annum.
- Higher Loan Limit: Up to 150% of your pension rate.
Learn About the Pension Loan Scheme
FAQs About Centrelink Pension Changes
What if I miss the eligibility deadline?
If you miss the December 15, 2024, deadline, your changes will only apply from the next cycle. Contact Centrelink for urgent cases.
How does the Pension Loan Scheme work for homeowners?
Homeowners can use their property as security to access additional fortnightly payments through this scheme.
What should I do if I’m close to the income or asset threshold?
Consider speaking with a Centrelink financial advisor to ensure your eligibility remains intact.
How to Apply or Update Your Details
To access your updated benefits, follow these steps:
- Log in to MyGov:
Login to MyGov - Visit a Centrelink Office:
Find your nearest Centrelink location:
Locate a Centrelink Office - Call Centrelink:
- Phone Number: 132 300 (Monday–Friday, 8 am–5 pm).
Don’t miss out on the December 2024 Centrelink pension updates. Log in to MyGov or visit your local Centrelink office today to ensure your eligibility and secure your benefits!