During the month of March, Centrelink have released their bi-annual benefit review. Fortunately, many of the changes have been advantageous for entitlement recipients, most notably an increase in the Age Pension rate.
What does this mean. Quite simply it will mean that you may be entitled to an increased payment from Centrelink, and in a few remote cases, applicants who were once denied access to financial assistance may now be eligible to claim a Centrelink Benefit. However, please do not go spending all of your pennies at once, as the increased payments merely represent a rise in the cost of living and are therefore slender. As many of you are currently in receipt of a Centrelink benefit, we thought it would be appropriate to share some of the important changes.
From 20 March 2014, the following changes will be in action;
- The full Age Pension entitlement will increase by $15.70 per fortnight for singles and $23.8 per fortnight for couples
- Single homeowners are now able to have $758,750 in assessable assets before they are no longer eligible for the Age Pension, while couple homeowners are now permitted $1,253,000.
- The income free area will increase from $62 per fortnight to $100 per fortnight for those in receipt of Newstart Allowance, Widow Allowance, Partner Allowance or Sickness Allowance.
Remember, you do not need to do anything to claim these increases, it will automatically be added to your benefit.