Citizens are looking for financial assistance from the government in this time of high living costs and inflation. The Government of Australia provides these benefits to qualified individuals. The Australian Government provides benefits like Old Age Pensions, Parenting Payments, Youth Allowances Job Seeker Allowances Carer Payments. The Australian Government provides Old Age Pension to its citizens. Who can receive this Old Age Pension and when will payments begin in 2024 be discussed? This article will tell you Australia’s Old Age Pension 2024.
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Australia Old Age Pension Amount 2024
In Australia, Old Age Pension is only given to those who are 67 years old or older. The Age Pensions help citizens pay for their basic or primary expenses. These Old Age Pension Payments allow citizens to enjoy their golden years in comfort and without stress. The pension amount will be paid to the eligible citizens within 15 days. We will also see Australia’s Old Age pension amount 2024.
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Australia Old Age Pension 2024- Overview
| Topic | Australia Old Age Pension Amount 2024 |
| Year | 2024 |
| Country | Australia |
| Name of the Payment | Old Age Pension |
| Old Age Pension Amount 2024 Australia | Check Post |
| Australia Old Age Pension Eligibility by 2024 | Australian Citizens Aged |
| Frequency of Payment | Every Fortnight |
| Australia Old Age Pension Payment Dates 2024 | Check Post |
| Official Web portal | servicesaustralia.gov.au |
Australia Old Age Pension Amount 2024
The Australia Old Age pension amount 2024 is determined by the status of the citizen, their age and income limits. The rate of the pension that will be paid to the citizen each 15 days is shown below.
| Types of Rate | Rate per Fortnight | Single | Each Couple | Combined Couple | Couple separated due to illness |
| Normal Rates | Maximum Basic Rate | $1020.60 | $769.30 | $1538.60 | $1020.60 |
| Normal Rates | Maximum Pension Supplement | $81.60 | $61.50 | $123.00 | $81.60 |
| Rates for Normal Rates | Energy Supplement | $14.10 | $10.60 | $21.20 | $14.10 |
| Normal Rates | Total | $1116.30 | $841.40 | $1682.80 | $1116.30 |
| Transitional Rates | Maximum Rate | $908.80 | $734.00 | $1468.00 | $908.80 |
| Transitional Rates | Energy Supplement | $14.10 | $10.60 | $21.20 | $14.10 |
| Transitional rates | Total | $922.90 | $744.60 | $1489.20 | $922.90 |
Australia Old Age pension Eligibility 2024
The suitability criteria is based on an individual’s status, income, assets and age. You can check Australia’s Old Age Pension 2024 eligibility based on the parameters.
- Age 67 or older is the minimum age to qualify for Australia’s Old Age Pension.
- The citizen must have been a resident of Australia legally for ten years.
Aged individuals are subject to income tests.
| Rules | Individual Status | Earnings per Fortnight | Reduce the amount by |
| Standard Rules | Singles | Get up to $212 | $0 |
| Standard Rules | Singles | More than $212 | Each $ above $212 is worth 50 cents |
| Standard Rules | Couples who are separated or who have been together but not married due to illness | Get up to $372 | $0 |
| Standard Rules | Couples who are separated or unable to stay together due to illness | More than $372 | Each $ above $372 is worth $25 cents |
| Transitional Rules | Singles | Get up to $212 | $0 |
| Transitional Rules | Singles | More than $212 | Each $ above $212 is worth $40 cents |
| Transitional Rules | Couples who are separated or together due to illness | Get up to $372 | $0 |
| Transitional Rules | Couples who are separated or separated due to illness | More than $372 | Each $ above $372 is worth $20 cents |
The Assets Test Rules for Age Pension in Australia.
| Pensioners | Individual Status | Homeowner | Non Homeowner |
| Full Pension Recipient | Singles | $314000 | $566000 |
| Full Pension Recipient | Couple Together | $470000 | $722000 |
| Full Pension Recipient | Couple apart due to illness | $470000 | $722000 |
| Full Pension Recipient | Couples with one Qualified partner | $470000 | $722000 |
| Part Pension Receiver | Singles | $686250 | $938250 |
| Part Pension Receiver | Couple Together | $1031000 | $1283000 |
| Part Pension Receiver | Couple apart due to illness | $1214500 | $1466500 |
| Part Pension Receiver | Couples with one Qualified partner | $1031000 | $1283000 |
| Transitional Rates of Pension | Singles | $621750 | $873750 |
| Transitional Rates of Pension | Couple Together | $966500 | $1218500 |
| Transitional Rates of Pension | Couple apart due to illness | $1085500 | $1337500 |
| Transitional Rates of Pension | Couples with one Qualified partner | $966500 | $1218500 |
Australia Old Age pension Payout Dates in 2024
The schedule of Australia Old Age pension Payout Dates for 2024 is shown below. Only these dates are used to issue payments. The recipient will have to wait 10 days if the payout is late.
| Date of Payment Issue | Date of Direct Deposit Payout | Date of Payout for Cheques |
| 25th July 2024 | 31st July, 2024 | 14th August 2024 |
| 22nd August 2024 | 28th August 2024 | 11th September 2024 |
| 19th September 2024 | 25th September 2024 | 9th October 2024 |
| 17th October 2024 | 23rd October 2024 | 6th November 2024 |
| 14th November 2024 | 20th November 2024 | The 4th of December 2024 |
| 12th December 2024 | 18th December 2024 | The 1st of January 2025 |
FAQs
How can I receive an Old Age Pension in Australia?
Pension payments can be made by Cheque or Direct Deposit at banks.
Can I get a pension if I don’t retire?
You can receive a pension without having to retire from your job.
