Post by Banjo on Sept 10, 2011 13:56:16 GMT 7
Millionaires to get the pension
MILLIONAIRES will be eligible for the aged pension from next week .
Centrelink is raising the assets threshold for a home-owning couple $20,000, to $1.018miilion.
It means a retired couple who own their own house and have $1m in other assets will receive a part-pension.
The income threshold for the aged pension also rises to more than $2500 each fortnight.
Cassandra Goldie, chief executive officer of the Australian Council for Social Services, said pay rates for age pensioners were leaving other Centrelink payments such as Newstart and parenting payments well behind.
"Whilst we obviously welcome the indexation increases as crucial in helping Australia's 3.4 million people on pensions meet cost of living increases, it is distressing that people on Newstart have been left to fall behind," she said.
From Tuesday the full rate for a couple on an aged pension is $1129 each fortnight. A single pensioner on the full rate will get $748.80 a fortnight.
A couple can still receive the full rate of pension even if they own up to $265,000 worth of assets outside their own home. A single full-rate pensioner is entitled to own up to $186,750 worth of assets outside the family home.
Every $1000 worth of assets above these minimum thresholds reduces the pension payable by $1.50 per fortnight.
People on Newstart will receive at $11.90 increase on the fortnight Newstart base rate to $486.80 for singles and $439.40 each for couples.
www.couriermail.com.au/ipad/millionaires-to-get-the-pension/story-fn6ck45n-1226133681626
MILLIONAIRES will be eligible for the aged pension from next week .
Centrelink is raising the assets threshold for a home-owning couple $20,000, to $1.018miilion.
It means a retired couple who own their own house and have $1m in other assets will receive a part-pension.
The income threshold for the aged pension also rises to more than $2500 each fortnight.
Cassandra Goldie, chief executive officer of the Australian Council for Social Services, said pay rates for age pensioners were leaving other Centrelink payments such as Newstart and parenting payments well behind.
"Whilst we obviously welcome the indexation increases as crucial in helping Australia's 3.4 million people on pensions meet cost of living increases, it is distressing that people on Newstart have been left to fall behind," she said.
From Tuesday the full rate for a couple on an aged pension is $1129 each fortnight. A single pensioner on the full rate will get $748.80 a fortnight.
A couple can still receive the full rate of pension even if they own up to $265,000 worth of assets outside their own home. A single full-rate pensioner is entitled to own up to $186,750 worth of assets outside the family home.
Every $1000 worth of assets above these minimum thresholds reduces the pension payable by $1.50 per fortnight.
People on Newstart will receive at $11.90 increase on the fortnight Newstart base rate to $486.80 for singles and $439.40 each for couples.
www.couriermail.com.au/ipad/millionaires-to-get-the-pension/story-fn6ck45n-1226133681626