Australia Pension Age Increase 2024 – Know Eligibility, Exact Age & Amount

Australia’s Age Pension was established to help with the maintenance of the country’s basic standard of living. It is paid monthly by Australia Services.

Citizens who satisfy the residency and age conditions are eligible to receive the age pension.

The pension rate makes sure that it keeps up with the wage and price increases in Australia. In Australia, there is no official retirement age; instead, people must wait to get an age pension.

The Australia Age Pension 2024 will only be awarded to those who meet the eligibility requirements.

Recipients will receive weekly installments of the same amount if they are homeless or face imminent danger of homeless. 

The individual’s tangible property is the asset, albeit there are always exceptions to this rule.

The pension amount you may receive as a single person is $19.60, and the age at which you will receive it has been raised to 67 years old. The maximum pension for the couples will be $14.70 per person every two weeks.

Australia Age Pension 2024

Australia’s age pension was established to promote basic living standards and offer economic support.

Homeless people will get the same amount in weekly installments, with the same amount going to each installment.

You must be an Australian citizen and reside in Australia on the day you file your claim in order to be eligible for the pension. Australia raised its pension age from 65 to 67 years old in 2024.

Australia Age Pension Eligibility 2024

1. You must reside in Australia.

2. You will have been a resident of Australia as of the day you filed your claim.

3. The woman must be a widow and an Australian citizen.

Australia age pension
Source: ptevdcb

Australia Age Pension Rate 2024 For Single

Particulars  Amount  Increase 
Maximum base rate $1020.6 $18.1
Maximum pension supplement $81.6 $1.5
Energy supplement $14.1
Total (per fortnight) $1116.3 $19.6
Total (per year) $29023 $510 Pension Age 2024 Couples

Particulars  Amount  Increase  Combined Amount  Increase Amount 
Maximum base rate $1020.6 $13.6 $1538.6 $27.2
Maximum pension supplement $81.6 $1.1 $123 $2.2
Energy supplement $14.1 $21.2
Total (per fortnight) $1116.3 $14.7 $1682.8 $29.4
Total (per year) $29023 $382.2 $437530 $764.4

Asset Test 2024 Australia

If you are a single individual applying for the Age Pension, your assets must be $301750 or less if you own your own house, or $543750 if you do not.

If your assets are less than $674000 if you own your house or $916000 if you don’t, you may be eligible for a portion of the Age Pension.

During the period of full age pension, the combined asset of the couple must be less than $451500 if the homeowner, or $693500 if the non-owner, owns a home.

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