Pension Boost has noted the latest Age Pension rates adjusted for inflation were released recently. While the increase is modest (0.9%), reflecting the low inflation environment, it is positive news for seniors given there was no increase last September.
The full Age Pension rates from 20 March 2021 will be:
- Couples: $718.10 (from $711.80) each per fortnight; $37,341.20 per annum
- Singles: $952.70 (from $944.30) per fortnight; $24,770.20 per annum.
These new rates also mean an increase to the maximum Pension Loans Scheme (PLS) payments as follows:
- Couples: $718.10 per fortnight (from $711.80) per couple; $18,670.60 per annum
- Singles: $476.35 per fortnight (from $472.15); $12,385.10 per annum.
The Pension Boost website and PLS Calculator have been updated to reflect the new rates. Pension Boost recommends new users try the PLS Calculator as well as those who have already used it, to try it again to see the difference the increased rates will make.
Test your eligibility and try the PLS Calculator.
Paul Rogan
Founder and CEO
Pension Boost
Sydney
M: (+61) 0423 780 113
paul@pensionboost.com.au
https://pensionboost.com.au