Aged pension: Pensioners denied payment boost

Aged pension: Pensioners denied payment increase

There will be no boost on the pension this September, forcing individuals reliant on the payment to wait until March 2021 for a likely increase, the Office of Social Services unveiled on Tuesday.

Speaking to a parliamentary committee, DSS deputy secretary Nathan Williamson mentioned inflation experienced long gone backwards, indicating if the payment was indexed as it typically is on September 20, there would be a drop in the sum.

“Based on the calculation for indexation, if it is damaging, we do not minimize the pension, but we also do not raise it,” he claimed.

Mr Williamson was not able to give any indicator as to when there could be a payment enhance, noting the unsure financial climate.

A 95 per cent drop in the price of childcare during the June quarter, a major fall in the price tag of petrol and a fall in the price of preschool and principal education have been to blame for the fall in the purchaser price tag index (CPI) according to Australian Bureau of Statistics chief economist Bruce Hockman.

“Excluding these a few components, the CPI would have risen .1 per cent in the June quarter,” he said.

Mr Hockman explained the current fall, which took inflation to -.3 for each cent was “the premier quarterly tumble in the 72-yr background of the CPI”.

Jobseeker, which is also linked to the CPI, will keep its current rate, while the solitary father or mother payment will go up by $3 a fortnight from September 20.

The base rate for the age pension in Australia is $860.60 per fortnight for a single individual, or $648.70 for every single fifty percent of a pair.

READ  Coronavirus: July's £37bn residence obtaining increase is busiest month of income in a ten years | Business News

The payment is reviewed each individual 6 months to mirror improvements in the price tag of living and improves in the ordinary wage. The DSS mentioned it would not know if there would be a rise in the payment in March until about mid-February next calendar year.

You May Also Like

Cory Weinberg

About the Author: Cory Weinberg

Cory Weinberg covers the intersection of tech and cities. That means digging into how startups and big tech companies are trying to reshape real estate, transportation, urban planning, and travel. Previously, he reported on Bay Area housing and commercial real estate for the San Francisco Business Times. He received a "best young journalist" award from the National Association of Real Estate Editors.

Leave a Reply

Your email address will not be published. Required fields are marked *