Anthony Albanese’s government is giving a $4,000 cash boost to thousands of Aussies on Centrelink
- Old age pensioners can quickly pick up additional services without losing benefits
- New laws will mean they can earn an extra $4,000 and stay in retirement
- Some 50,000 retirees in the working population are expected to reap the benefits
Retirees can pick up extra shifts and earn some extra money before Christmas without losing their benefits.
New laws increase the amount they can earn by $4,000 to $11,800 from December 1 through the end of 2023 before their retirement begins to taper off.
It will benefit more than 50,000 retirees in the workforce.
More than 50,000 pensioners will benefit from a change in their benefit that will increase their earnings
The new laws also remove the need to reapply for their payment for up to two years if they exceed the income limit.
At the moment, the pension is stopped after three months of exceeding the income limit.
Social Affairs Minister Amanda Rishworth said the changes would help address the crippling labor shortage.
Some 51,000 retirees who are already part of the Australian workforce will immediately benefit from this increase, in the hope that other retirees will soon seize this opportunity, if they so choose,” said Ms Rishworth.
She said retirees are a valuable asset in the labor industry.
‘Older workers are an untapped market, which employers can provide with years of knowledge and skills,’ said Ms Rishworth.
New laws increase the amount they can earn by $4,000 to $11,800 from December 1 through the end of 2023 before their retirement begins to taper (stock image)
“Giving older Australians the choice to enter the workforce will not only benefit them, it is also an important step towards tackling Australia’s labor shortage.”
Eligible retirees don’t have to do anything, the raise is automatically credited to their bank.
They can earn an additional $4,000 in employment income from December 1, 2022 to December 31, 2023.
The boost comes on top of recent increases in several other Centrelink payments.
Old age and disability pensions and caregiver benefits increased dramatically, with singles receiving $38.90 more every two weeks and couples receiving $58.80 more every two weeks.
The maximum pension rate was increased, with singles receiving $1,026.50 every two weeks and couples receiving $1,547.60.