As In this era of Inflation and High Living Costs, the citizens want financial support from the Government. In Countries like Australia these support is provided by the Government to the Qualified Individuals. The benefits such as Old Age Pension, Parenting Payment, Youth Allowances, Job Seeker Allowances, Carer Payments and many more are provided by the Australian Government. Here In this post we will see how much amount is provided by the Australian Government to the Aged citizens in the form of Old Age Pension. We will discuss who can get this Old Age pension and when will payments be issued in 2024? Let’s Know Australia Old Age Pension Amount 2024 in this article.
Australia Old Age Pension Amount 2024
Old Age Pension in Australia is given to the individuals whose age is 67 Years or more. These Age Pensions are given so that the citizens can pay off their primary or fundamental expenditures. In Golden Years, the aged citizens can live their life comfortably and stress free with these Old Age Pension Payments. The eligible aged citizens will get the pension amount within 15 days. Now Let’s Know the Eligibility and Payments dates for Old Age Pension and Also we will see Australia Old Age Pension Amount 2024.
Australia Old Age Pension 2024- Overview
| Topic | Australia Old Age Pension Amount 2024 |
| Year | 2024 |
| Country | Australia |
| Name of the Payment | Old Age Pension |
| Old Age Pension Amount 2024 Australia | Check Post |
| Objective | Financial Aid |
| Australia Old Age Pension Eligibility 2024 | Aged Australian Citizens |
| Frequency of Payment | Fortnightly |
| Australia Old Age Pension Payout Dates 2024 | Check Post |
| Category | Finance |
| Official Web portal | servicesaustralia.gov.au |
Australia Old Age Pension Amount 2024
Australia Old Age Pension Amount 2024 can be determined by the Status of the citizens, age and the income limits. Here is the pension amount rate which will be received by the citizen every 15 days.
| Type of Rate | Rate per Fortnight | Single | Each Couple | Combined Couple | Couple Separated due to ill health |
| Normal Rates | Maximum Basic Rate | $1020.60 | $769.30 | $1538.60 | $1020.60 |
| Normal Rates | Maximum Pension Supplement | $81.60 | $61.50 | $123.00 | $81.60 |
| Normal Rates | Energy Supplement | $14.10 | $10.60 | $21.20 | $14.10 |
| Normal Rates | Total | $1116.30 | $841.40 | $1682.80 | $1116.30 |
| Transitional Rates | Maximum Rate | $908.80 | $734.00 | $1468.00 | $908.80 |
| Transitional Rates | Energy Supplement | $14.10 | $10.60 | $21.20 | $14.10 |
| Transitional Rates | Total | $922.90 | $744.60 | $1489.20 | $922.90 |
Australia Old Age Pension Eligibility 2024
The Suitability criteria depends on the individual status, income, assets, age and residency rules. Here you can see Australia Old Age Pension Eligibility 2024 based on these parameters.
- The Age to Qualify for Australia Old Age Pension is 67 Years or more.
- The Citizen must be a legal resident of Australia for 10 years and out of that the citizen must live in Australia without any break for 5 years.
These are the income test rules for the Aged Individuals:
| Rules | Individual Status | Income Per Fortnight | Amount to be reduced by |
| Standard Rules | Single | Up to $212 | $0 |
| Standard Rules | Single | Over $212 | 50 Cents for each $ over $212 |
| Standard Rules | Couple Together or Separated due to ill Health | Up to $372 | $0 |
| Standard Rules | Couple Together or Separated due to ill Health | Over $372 | $25 Cents for each $ over $372 |
| Transitional Rules | Single | Up to $212 | $0 |
| Transitional Rules | Single | Over $212 | $40 Cents for each $ over $212 |
| Transitional Rules | Couple Together or Separated due to ill Health | Up to $372 | $0 |
| Transitional Rules | Couple Together or Separated due to ill Health | Over $372 | $20 Cents for each $ over $372 |
These are the Assets Test rules for the aged citizen to receive Age Pension in Australia:
| Pension Recipients | Individual Status | Homeowner | Non- Homeowner |
| Full Pension Receiver | Single | $314000 | $566000 |
| Full Pension Receiver | Couple Together | $470000 | $722000 |
| Full Pension Receiver | Couple Apart due to ill health | $470000 | $722000 |
| Full Pension Receiver | Couple, one partner Qualified | $470000 | $722000 |
| Part Pension Receiver | Single | $686250 | $938250 |
| Part Pension Receiver | Couple Together | $1031000 | $1283000 |
| Part Pension Receiver | Couple Apart due to ill health | $1214500 | $1466500 |
| Part Pension Receiver | Couple, one partner Qualified | $1031000 | $1283000 |
| Transitional Rate of Pension | Single | $621750 | $873750 |
| Transitional Rate of Pension | Couple Together | $966500 | $1218500 |
| Transitional Rate of Pension | Couple Apart due to ill health | $1085500 | $1337500 |
| Transitional Rate of Pension | Couple, one partner Qualified | $966500 | $1218500 |
Australia Old Age Pension Payout Dates 2024
Here is the schedule for Australia Old Age Pension Payout Dates 2024. The payments are issued on these dates only. If the payout is delayed then the recipient must wait for 10 days.
| Payment Issuing Date | Direct Deposit Payout Date | Cheques Payout Date |
| 25th July 2024 | 31st July 2024 | 14th August 2024 |
| 22nd August 2024 | 28th August 2024 | 11th September 2024 |
| 19th September 2024 | 25th September 2024 | 9th October 2024 |
| 17th October 2024 | 23th October 2024 | 6th November 2024 |
| 14th November 2024 | 20th November 2024 | 4th December 2024 |
| 12th December 2024 | 18th December 2024 | 1st January 2025 |
FAQ Related To Australia Old Age Pension Amount 2024
The pension amount can be received through Cheques and Direct Deposit in Banks.
Yes, you can get an Old Age Pension without retiring from work.
John Wick is a Media and Finance editor, passionate about writing and editing content related to finance and taxes. He has achieved dual degree in Mass Media and Finance From one of the top universities in the World. He is keen to learn new things and changes which take place in the world of Finance and stocks.