Sep 20, 2010

Pensions to increase today

Pensions to increase today

The Hon Anthony Albanese MP

Minister for Infrastructure & Transport

Leader of the House

Member for Grayndler

September 20 2010

Over 19,000 pensioners in the Inner West are set to receive an increase in their pensions from today, 20 September 2010.

Member for Grayndler Anthony Albanese said pension payments would increase by $15 per fortnight for singles on the maximum rate, and $22.60 per fortnight for couples combined on the maximum rate.

“Local pensioners have been big winners from Federal Labor’s reforms to the pension system,” said Mr Albanese.

“Pensioners have received increases of around $115 per fortnight for singles and $97 per fortnight for couples combined in pension payments, as a result of Federal Labor’s major pension reforms delivered in September last year, and higher indexation in March and September 2010.”

Following these increases, total pension payments for those on the maximum rate, including the base rate and pension supplement, will be:

• $716.10 per fortnight for singles; and

• $1079.60 per fortnight for couples combined.

Pensions are indexed twice a year to the highest increase of three measures: the consumer price index (CPI), the pensioner and beneficiary living cost index (PBLCI), and growth in male total average weekly earnings (MTAWE).

The September 2010 pension rise was driven by movement in the pensioner and beneficiary living cost index in the six months to June 2010.

People eligible for the Age Pension, Disability Support Pension (adult rate), Carer Payment, veteran income support payments, Wife Pension, Widow B Pension and Bereavement Allowance will all benefit from the increases.

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