Age Pension increases in 2025 are an important boon for the older population of Australia. The clear annual increase of $841 amounts to an additional $28.10 per fortnight in the payments to singles and $42.40 for couples. It would additionally entitle them to a once-off cost-of-living bonus amounting to $21. Here are the changes in payment, the criteria for eligibility, and schedule.
Age Pension Increase – What’s Changing?
Starting from January 1, 2025, Age Pension rates will rise. For A single pensioner now, that amounts to $1,144.40 fortnightly, increasing by $28.10 of two weeks. The combined fortnightly pension for couples will rise to $1,725.20 from an earlier amount of $1,682.80 – that’s an additional $42.40 every two weeks.
This is the regular routine increase required for pensioners along with the cost of living; along with that, eligible pensioners will receive a one-off $21 bonus as part of a cost-of-living relief package.
Who Can Avail of the Age Pension Increase?
Eligibility criteria for Age Pension and the age pension increase are based still on age, residency, and income and assets.
- Must be aged 67 or more by 2025. Residency really includes such requirements as: to be such: be an Australian citizen or permanent resident and have lived in Australia for at least 10 years (5 of which must be continuous).
- The income and asset limits apply. To refer to single pensioners and under the new law-they may earn gross income of $204 per fortnight before the pension is reduced. To couples, that is $360. The limits of asset test differ depending on whether the person owns a house. Then they must be below $301,750 (singles) or $451,500 (couples) as for Homeowners. The limits for non-homeowners have been slightly higher.
Payments Schedule for Early 2025
Payments are made fortnightly, so this will also show these new rates commencing February 2025. The first few payment dates in the year are as below:
- February 14, 2025;
- February 28, 2025;
Payments will automatically deposit funds into bank accounts for recipients.
How to Receive the Increase
Current pension recipients will not need to take any action, as the increase and $21 bonus will automatically be applied. Applicants wishing to receive the Age Pension for the first time can apply online via myGov, call Centrelink, or visit a Services Australia service centre facility.
Additional Support for Pensioners
In addition to the increase of pension amounts, retirees will be able to avail other government support such as Energy Supplement, Rent Assistance, the Commonwealth Seniors Health Card, and reduced fares for public transport.
Final Thoughts
With the Age Pension increase of $841 and the one-time $21 bonus, 2025 is turning out to be a blessing for retirees facing the rising costs of living. Keeping up to date with eligibility and payment schedules ensures that pensioners maximize their entitlements with cash.