Service Australia Offers the Age pensions benefits which helps the aged people to survive. These Pension Payments are made to the retired individuals, aged people or senior citizens who got qualified. In this inflationary world people seek for the Government help and Government also listens as they provide the benefits and adjust these benefits timely. There is news for the increase of the Age pension benefits in July and August. Let’s see this Australia Pension Increase July- August 2024 in this post.
Australia Pension Increase July- August 2024
Australia Age Pension is designed to help the aged or senior citizens. This Age pension provides cash assistance to the senior citizens. As old people can’t work in their last age due to medical conditions. The Government initiated to provide the cash assistance through these programs. The service australia makes adjustments to the amounts timely. The Australia Pension Increase July- August 2024 makes the beneficiaries more excited. We will discuss this increase with reality, eligibility and payment dates for 2024.
Australia Age Pension Benefits 2024- Overview
| Title | Australia Pension Increase July- August 2024 |
| Year | 2024 |
| Month | July- August |
| Country | Australia |
| Name of the Payment | Age Pension |
| Australia Pension Increase Eligibility 2024 | Senior Citizens |
| Objective | Financial Support |
| Australia Pension Increase Amount 2024 | Check Post |
| Australia Age Pension Payment Dates 2024 | July- August |
| Category | Finance |
| Official Webportal | servicesaustralia.gov.au |
Check Australia Pension Increase Eligibility 2024
The Age Pension Eligibility is determined on the basis of parameters such as age, income, assets and residency status. Let’s check the Australia Pension Increase Eligibility 2024 based on these parameters:
- The senior citizens or the aged people whose age is 67 years will get Australia Pension in 2024.
- The senior citizen should live for 10 years in Australia. And from these 10 years the senior citizens must live without break for 5 years.
- The income limits as per standard and transitional rules are provided in the below table:
| Rules | Status | Income per Fortnight | Amount will reduced by |
| Standard Rules | Single | Up to $212 | $0 |
| Standard Rules | Single | Over $212 | 50 cents for each above dollar |
| Standard Rules | Married | Up to $372 | $0 |
| Standard Rules | Married | Over $372 | 25 cents for each above dollar |
| Transitional Rules | Single | Up to $212 | $0 |
| Transitional Rules | Single | Over $212 | 40 cents for each above dollar |
| Transitional Rules | Married | Up to $372 | $0 |
| Transitional Rules | Married | Over $372 | 20 cents for each above dollar |
- The assets amount is given for the Full Pension recipients, Partial Pension Recipients with the transitional rates of Pension:
| Limit for | Status | Homeowner | Non Homeowner |
| Full Pension Receiver | Single | $314000 | $566000 |
| Full Pension Receiver | Couple | $470000 | $722000 |
| Full Pension Receiver | Couple Separated | $470000 | $722000 |
| Full Pension Receiver | Couple, 1 Qualify only | $470000 | $722000 |
| Part Pension Receiver | Single | $686250 | $938250 |
| Part Pension Receiver | Couple | $1031000 | $1283000 |
| Part Pension Receiver | Couple Separated | $1214500 | $1466500 |
| Part Pension Receiver | Couple, 1 Qualify only | $1031000 | $1283000 |
| Transitional Rates | Single | $621750 | $873750 |
| Transitional Rates | Couple | $966500 | $1218500 |
| Transitional Rates | Couple Separated | $1085500 | $1337500 |
| Transitional Rates | Couple, 1 Qualify only | $966500 | $1218500 |
Know Australia Pension Increase Amount 2024
The Australian Age Pension amount is determined by the marital status, income and assets. Various reports claiming for the increase of Age pension in July 2024. This change or increase can be seen by 1.8% for overall Age pensions in 2024. The amount for Singles will be increased by $19.60 and the age pension amount for the couples will be increased by $14.70. We will see the current Age Pension Amount and the Australia Pension Increase Amount 2024. These normal rates will be increased by 1.8%.
| Rates | Fortnightly rates | Single | Each Couple | Couple Together | Couple separated due to illness |
| Normal Rates | Maximum Basic Rate | $1020.60 | $769.30 | $1538.60 | $1020.60 |
| Normal Rates | Maximum Pension Supplement | $81.60 | $61.50 | $123.00 | $81.60 |
| Normal Rates | Energy Supplement | $14.10 | $10.60 | $21.20 | $14.10 |
| Normal Rates | Total | $1116.30 | $841.40 | $1682.80 | $1116.30 |
| Transitional Rates | Maximum Rate | $908.80 | $734.00 | $1468.00 | $908.80 |
| Transitional Rates | Energy Supplement | $14.10 | $10.60 | $21.20 | $14.10 |
| Transitional Rates | Total | $922.90 | $744.60 | $1489.20 | $922.90 |
Here’s the Australia Age Pension Payment Dates 2024
The regular Payment Schedule for the Australia Age Pension is given in the below table. This payment schedule is reliable as it is verified and has credibility. Check Australia Age Pension Payment Dates 2024:
| Issuing of Payment | Direct Deposit Pension Payment Date 2024 | Pension Cheque Payment Date 2024 |
| 11th January 2024 | 17th January 2024 | 31st January 2024 |
| 8th February 2024 | 14th February 2024 | 28th February 2024 |
| 7th March 2024 | 13th March 2024 | 27th March 2024 |
| 4th April 2024 | 10th April 2024 | 24th April 2024 |
| 2th May 2024 | 8th May 2024 | 22th May 2024 |
| 30th May 2024 | 5th June 2024 | 19th June 2024 |
| 27th June 2024 | 3rd July 2024 | 17th July 2024 |
| 25th July 2024 | 31st July 2024 | 14th August 2024 |
| 22th August 2024 | 28th August 2024 | 11th September 2024 |
| 19th September 2024 | 25th September 2024 | 9th October 2024 |
| 17th October 2024 | 23rd October 2024 | 6th November 2024 |
| 14th November 2024 | 20th November 2024 | 4th December 2024 |
| 12th December 2024 | 18th December 2024 | 1st January 2025 |
Fact Check Australia Pension Increase July- August 2024
The Australian Age Pension Increase claimed by various web sources and reports. But this age pension increase is not confirmed by the official sources such as service australia. We recommend the beneficiaries to wait for the official confirmation and updates. We advised you to not rely on such increased pension rumours. For latest updates and communication check the web portal, www.servicesaustralia.gov.au.
FAQ Related To Australia Pension Increase July- August 2024
No official communication is made for the increase by verified authorities.
Various reports claim for 1.8% increase, but we advise to not rely on such rumours.
John Wick is a Media and Finance editor, passionate about writing and editing content related to finance and taxes. He has achieved dual degree in Mass Media and Finance From one of the top universities in the World. He is keen to learn new things and changes which take place in the world of Finance and stocks.