Australia Old Age Pension Increase 2025: Possible Increase and New Amount. The Australian government provides old age pensions to offer financial support to senior citizens and retirees. Recently, the government has decided to increase pensions for old age. These changes have been made due to the rise in living costs and to provide additional support to retirees with very low or no income. To learn about the possible increase and new amount in the old age pension of Australia in 2025, read the complete article below.
Australia Old Age Pension Increase 2025
The old age pension is the only source of income for many Australian citizens. This payment is provided to the eligible individuals by Centrelink. Due to the inflation and the rise in the costs of living, especially in the necessary items including groceries, utilities, energy, and healthcare. The government has decided to increase the age pension in 2025.
It is considered a good idea to have some extra money saved, and one of the most recommended ways to do this is by contributing to the retirement. In this process, the employee and the employer both have to contribute some amount that will benefit the employee in the future.
Key Highlights
| Particulars | Details |
| Program Name | Old Age Pension 2025 |
| Providing Authority | Centrelink |
| Country | Australia |
| Payment Duration | Fortnightly Payments |
| Next Scheduled Review Date | 20 March 2025 |
| Increased Amount | $841, with an additional $21 |
| Maximum Amount for Singles (fortnightly) | $1,144.40 |
| Maximum Amount for Couples (fortnightly) | $1,725.20 |
| Category | Finance |
| Official Website | Services Australia |
Increase in the Age Pension 2025
The Australian government has declared to boost the age pension for eligible Australian citizens in 2025. The increase will take effect in January 2025. The increased amount will be $841 for those who will be receiving the maximum amount. The primary aim of this increase is to provide monetary aid for low-income senior citizens who are unable to afford even essentials. Pensioners’ income will be further supported by the $21 increase in 2025, giving them additional money to help them deal with the growing costs of healthcare, food, and electricity.
New Amount for Old Age Pension 2025
The pension amount will increase in January 2025 on the announcement of the Australian government. The amount will vary for different people based on their eligibility and marital status. The amounts will be as follows:
| Category | Previous Rate (per fortnight) | New Rate (per fortnight) | Increase Amount |
| Single | $1,116.30 | $1,144.40 | $28.10 |
| Couple (each) | $841.40 | $862.60 | $21.20 |
| Couple (combined) | $1,682.80 | $1,725.20 | $42.40 |
| Couple (separated) | $1,116.30 | $1,144.40 | $28.10 |
Eligibility Criteria
To qualify for this pension payment, an individual must meet the eligibility criteria set by the government. The criteria are as follows:
- Age Criteria: To be eligible to get this payment, the individual must be at least 67 years old, which means he must be born after January 1, 1957.
- Citizenship and Residence: The applicant must be an Australian citizen or a permanent resident of Australia. The residency requirements are that he must have lived in Australia for at least 10 years, with at least five years in continuation.
- Income and Asset Threshold: This program is for low-income senior citizens only. To ensure only those are receiving this pension who need it, the government has set an income and asset threshold.
- Income: The maximum income for singles must be $190 per fortnight (full payment) and for combined couples it is $336 per fortnight (full payment).
- Assets: The maximum value of assets for homeowners who are single is $301,750 and for combining couples it is $451,500. The asset thresholds will be different for non-homeowners. For more details about the thresholds, you can visit the official page of Service Australia.
Payment Dates
There are no fixed dates for the payment of age pension 2025. However, the payments are made fortnightly. To keep yourself updated about the pension dates, you can check the official website of Services Australia and check your MyGov account.
FAQs
How are the payment amounts calculated for age pension?
The payments for age pension are calculated on the basis of your income, assets, and living situation (e.g., single or combined)
Do I need to apply to receive this increase?
No, you need not apply or fill out any application to receive this incurred amount.
Can I receive the age pension while still working?
Yes, you can receive your age pension while you are still working. But you must meet the income thresholds of the eligibility criteria set by the government.