Wollongong pensioners are set to receive an increase in their payments to help balance the household budget, Federal Member for Cunningham, Sharon Bird, said today.
“From 20 September, single age, disability and carer pensioners receiving the maximum rate of pension, will receive an extra $19.50 per fortnight.
“Pensioner couples combined on the maximum pension rate will receive an extra $29.60 per fortnight.
“Pensioners in my electorate are benefiting from an improved indexation system put into place by the Federal Labor Government to ensure that pensions keep up with the cost of living”, Ms Bird said.
Pensions are now indexed twice each year (March and September) to match the higher increase of two measures: the Consumer Price Index (CPI) or the Pensioner and Beneficiary Living Cost Index.
“Over the last two year, two of the four pension increases have been the result of the Pensioner and Beneficiary Living Index.
“The Commonwealth Government understands that local pensioners are on a fixed income, and it is important to index their pension to ensure that as the cost of living increases, their pension payment matches it”, she said.
Following the indexation increases from 20 September, total pension payments for people on the maximum rate, including the base rate and pension supplement, will be:
- $748.80 per fortnight for singles, and
- $1,129.00 per fortnight for couples combined.