New Zealand markets closed
  • NZX 50

    11,596.03
    -21.11 (-0.18%)
     
  • NZD/USD

    0.6416
    +0.0036 (+0.56%)
     
  • NZD/EUR

    0.6085
    +0.0049 (+0.82%)
     
  • ALL ORDS

    7,406.30
    +36.90 (+0.50%)
     
  • ASX 200

    7,213.20
    +37.70 (+0.53%)
     
  • OIL

    71.59
    +0.13 (+0.18%)
     
  • GOLD

    1,809.40
    +7.90 (+0.44%)
     
  • NASDAQ

    11,563.33
    -74.17 (-0.64%)
     
  • FTSE

    7,476.63
    +4.46 (+0.06%)
     
  • Dow Jones

    33,476.46
    -305.02 (-0.90%)
     
  • DAX

    14,370.72
    +106.16 (+0.74%)
     
  • Hang Seng

    19,900.87
    +450.64 (+2.32%)
     
  • NIKKEI 225

    27,901.01
    +326.58 (+1.18%)
     
  • NZD/JPY

    87.5910
    +0.4920 (+0.56%)
     

$4,000 Centrelink boost coming

Australian people shopping at Coles for groceries. Australian money notes.
These Aussies will be able to earn more without having their Centrelink payments impacted. (Source: AAP/Getty)

Aussies on the Age Pension will soon be able to earn more without having their Centrelink payments impacted.

From Wednesday December 1, the maximum Work Bonus will increase from $7,800 per year to $11,800 per year. This means pensioners can earn an extra $4,000 per year before their pension is reduced. The changes will be in place until December 31, 2023.

Minister for Social Services Amanda Rishworth said the changes would give older Aussies more options and would help address Australia’s current labour shortages.

“Around 51,000 pensioners already participating in Australia’s workforce will benefit from this increase immediately, with the hope that other pensioners will soon take up this opportunity, if they choose to,” Rishworth said.

“Older workers are an untapped market, having years of knowledge and skills to offer employers.”

The Government has also scrapped the need for pensioners to reapply for their payments for up to two years if they exceed the income limit. Currently, the pension is cut off after the income limit is exceeded for 12 weeks.

This means pensioners can also keep their Pensioner Concession Card for two years, which gives holders access to cheaper health care, medicines and other benefits.

How will the changes work?

The changes will apply to people over the Age Pension age who receive one of the following payments:

  • Age Pension

  • Carer Payment

  • Disability Support Pension

  • Veterans’ Affairs Service Pensioners and Income Support Supplement

Eligible pensioners do not need to do anything, the $4,000 boost will be automatically credited to their Centrelink income bank from December 1, 2022 until December 31, 2023.

It follows recent increases to the Age Pension, Carer Payment and Disability Support Pension. The payments rose by $38.90 a fortnight for singles and $58.80 a fortnight for couples.

Follow Yahoo Finance on Facebook, LinkedIn, Instagram and Twitter, and subscribe to the free Fully Briefed daily newsletter.