Pension set to increase on September 20

Over the weekend it was unveiled that the Age pension will be getting a much overdue increase, giving Australian seniors a little more money in the pocket.

The Minister for Social Services, Kevin Andrew has said that the 3.7million seniors on the pension are going to get their second pension increase for 2014 following the September indexation figures.

According to the Sydney Morning Herald Mr Andrews said, “They’ve increased twice this year, they’ll increase twice next year, they’ll increase twice the year after.” Busting the myths that the government were going to cease increases to the pension and start decreasing the welfare payments.

The pension will be increasing by the following amounts:

Age pension (single): $11.50 a fortnight better off

Age pension (couple): $17.40 a fortnight better off

Mr Andrews also noted that the confirmation of the indexed increases proved that the Labor party has been running a scare campaign to trick people into believing they would not be following the regulated plan.

The increases will begin on September 20.

Are you happy about the increase? It may not be a huge amount of money however it is enough to cover living essential like bread and milk for the week so surely the small different will count…

Tell us, are you happy about this? Did you think they wouldn’t give an increase? Tell us your thoughts in the comments below…