$780 Centrelink Increase For Only For These Permanent Residents: Know Eligibility

The $780 Centrelink Increase for pensioners in 2024 is designed to help Australian seniors manage rising living costs and inflation.

With seniors facing financial challenges related to housing, food, transportation, and medical expenses, this increase in Age Pension payments offers much-needed relief.

The payment increase is expected to provide pensioners with an extra boost to their fortnightly income, allowing them to maintain financial stability.

This article covers the details of the $780 Centrelink increase, eligibility, and how pensioners can take advantage of this benefit in 2024.

Overview of the $780 Centrelink Increase

In 2024, the Australian Government will raise the Age Pension payments for eligible pensioners by $780 per year, or approximately $30 per fortnight. This increase is aimed at helping pensioners cope with rising living costs and inflation.

The boost will be added to their existing fortnightly payments, ensuring they receive a steady increase throughout the year.

Title	$780 Centrelink Increase for Pensioners 2024
Year	2024
Country	Australia
Payment Name	Age Pension
Increase Amount	$780
Frequency	Fortnightly ($30 increase)
Taxability	Taxable
Category	Finance
Website	www.servicesaustralia.gov.au

Eligibility for the $780 Centrelink Payment

To qualify for the $780 Centrelink increase in 2024, pensioners must meet the following eligibility criteria:

1. Australian Residency: Pensioners must be Australian citizens or permanent residents who live in Australia.
2. Age Pension Recipient: The individual must already be receiving the Age Pension from Centrelink.
3. Asset and Income Test Compliance: Pensioners need to meet the Centrelink income and asset thresholds to qualify for this payment increase.
4. Other Payments: Pensioners who are also receiving other benefits, such as Carer Payment, may qualify for the increase as well.

How the Funeral Strategy Can Boost Your Pension

A unique strategy allows pensioners to increase their Age Pension by paying pre-paid funeral costs. Here’s how it works:

• Pre-paid funeral expenses are exempt from the Centrelink assets test. If a pensioner pays $1,000 towards a pre-paid funeral, their Age Pension may increase by $78 per year.
• If they pay $10,000 towards pre-paid funeral costs, their pension could increase by $780 per year.
• This strategy effectively boosts the pension payment by up to 7.8% based on the amount paid for funeral expenses. This allows pensioners to invest in pre-paid funeral services and receive an immediate return through increased pension payments.

How the $780 Increase Helps Pensioners

The $780 increase provides substantial financial relief, allowing pensioners to better manage their expenses. Here’s how this increase can benefit seniors:

1. Cover Essential Costs: With an extra $30 per fortnight, pensioners can better manage expenses like housing, medical bills, transportation, food, and clothing.
2. Improved Financial Security: The increase will strengthen pensioners’ financial positions, helping them stay secure and stable amid rising costs.
3. Reduce Stress: Financial challenges can cause stress and anxiety, particularly for seniors on fixed incomes. This increase can alleviate some of these pressures.
4. Better Nutritional Access: Pensioners may be able to afford healthier food options and improve their overall well-being with the additional funds.

2024 Age Pension Increase Breakdown

The following table illustrates the current Age Pension rates alongside the projected increase for 2024, showing how the extra $780 annually translates into an additional $30 per fortnight.

Rate Type	Fortnightly Rate	Single	Each Couple	Combined Couple	Couple Apart (Ill Health)
Basic Maximum Rate	Current	$1,020.60	$769.30	$1,538.60	$1,020.60
Pension Supplement	Current	$81.60	$61.50	$123.00	$81.60
Energy Supplement	Current	$14.10	$10.60	$21.20	$14.10
Total (Current Rates)		$1,116.30	$841.40	$1,682.80	$1,116.30
New Pension Rate (With $30 Boost)	2024	$1,146.30	$871.40	$1,742.80	$1,146.30

As seen in the table, pensioners will receive a $30 boost every fortnight in their payments starting from August 2024, giving them an annual increase of $780.

How to Apply for the Age Pension Increase

Pensioners do not need to apply for the $780 increase separately, as the increase will automatically be applied to those already receiving the Age Pension.

However, for those who want to take advantage of the funeral expense strategy to further boost their payments, here’s how to proceed:

1. Pre-Pay Funeral Costs: Pay for a portion or all of your funeral expenses in advance. These costs will not be counted in the Centrelink assets test.
2. Notify Centrelink: Provide proof of the pre-paid funeral costs to Centrelink, and request that they adjust your Age Pension based on the updated asset test.
3. Receive Increased Pension: Your pension will increase based on the funeral payment, and you’ll start receiving the higher fortnightly rate.

The $780 Centrelink Increase for Pensioners in 2024 provides essential financial relief to Australian seniors facing high living costs and inflation.

With the increase being automatically applied to those receiving the Age Pension, pensioners can expect an additional $30 per fortnight, or $780 annually, starting in August 2024.

Furthermore, the pre-paid funeral strategy offers a way to further boost pension payments, allowing seniors to manage their future funeral expenses while benefiting from an immediate pension increase.

FAQs

Disclaimer- We are committed to fair and transparent journalism. Our Journalists verify all details before publishing any news. For any issues with our content, please contact us via email.