New Zealand markets closed
  • NZX 50

    12,211.96
    +82.98 (+0.68%)
     
  • NZD/USD

    0.6337
    +0.0008 (+0.12%)
     
  • ALL ORDS

    7,740.50
    +27.40 (+0.36%)
     
  • OIL

    77.85
    +0.71 (+0.92%)
     
  • GOLD

    1,895.50
    +10.70 (+0.57%)
     

Aussies getting $4,000 Centrelink boost today

Australian people walking in the mall. Australian money notes. Centrelink payment concept.
Millions of Aussies can now work more without reducing their Centrelink payments. (Source: Getty)

Millions of Aussies are now able to work more without having their Centrelink payments reduced.

From today, Aussies over the Age Pension age can earn an extra $4,000 per year before their Centrelink payments are impacted.

The Government has increased the maximum Work Bonus income bank from $7,800 to $11,800 per year. This change will stay in place until December 31, 2023.

“This provides an immediate benefit to any pensioner over Age Pension age who works, and will help address labour shortages,” Minister for Social Services Amanda Rishworth said.

The cash boost will automatically be credited to eligible Aussies’ Centrelink income banks. Aussies do not need to do anything to get the bonus.

Under the changes, pensioners also do not have to reapply for payments for up to two years if they exceed the income limit. Currently, their social security is cancelled after 12 weeks of exceeding the limit.

Pensioners can still access their Pensioner Concession Card and benefits - including cheaper health care and medicines - for those two years.

The Government said this would help ensure pensioners who were working weren’t unnecessarily kicked out of the social security system.

Who do the changes apply to?

The Work Bonus changes 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

It follows increases to the Age Pension, Carer Payment and Disability Support Pension. In September, the payments increased by $38.90 per fortnight for singles and $58.80 per fortnight for couples.

The Age Pension rate is now up to $1,026.50 per fortnight for singles and $1,547.60 per fortnight for couples, including the pension supplement and energy supplement.

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