Millions to get boosted pension payments within days

The federal government has unveiled pension changes in order to get more Aussies into work.

Millions of Australians will get more money in their pocket when social security payments are boosted by indexation later this month.

From March 20, age pensions, disability support pensions, and carer payments will increase by $19.60 a fortnight for singles, and $29.40 a fortnight for couples combined.

Including the pension supplement and the energy supplement, the maximum rate of pensions will be $1116.30 a fortnight for singles, and $1682.80 a fortnight for couples.

Commonwealth Rent Assistance, JobSeeker, Parenting Payment Single and ABSTUDY will also all be indexed.

“Pension recipients are some of the most vulnerable members of our communities, many having worked all their lives contributing to our society or caring for a loved one,” federal Social Services Minister Amanda Rishworth said.

The March 20 indexation will see the single, without child rate of JobSeeker and ABSTUDY (aged 22 and over) increase by $13.50 a fortnight, bringing the total fortnightly payment to $771.50, including the energy supplement.

Each member of a couple on JobSeeker, ABSTUDY (aged 22 and over) or partnered parenting payments will receive an additional $12.30 per fortnight, with the fortnightly rate increasing to $706.20, including the energy supplement.

Single parenting payment recipients will also get an extra $17.50 a fortnight as a result of indexation, bringing their total fortnightly payment to $1006.50, including the pension supplement, pharmaceutical allowance and energy supplement.

The income and assets limits for the payments being increased on March 20 will also increase as a result of payment rates indexation.

The complete list of charges can be found online here.