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James Coyle
James has over 35 years experience in financial services with particular expertise in two of the key components of retirement finance - Superannuation and the Age Pension. He is passionate about providing the guidance and support that can help older Australians enjoy their best possible retirement. He lives in regional Victoria surrounded by dogs and chooks.
What a load of rubbish $30 a week rise is just a CPI rise not some extra bonus. As for $4000 pa work allowance that only equates to a couple of hours a week get real
I turn 74 this month, and have finally resigned. I’m looking forward to catching up with RE to figure out where I go next. I don’t want more than 2 days a week work now though, I’m tired.
There do seem to be quite a few part time jobs available to me, however, so there may be some options. I leave work on 16.9.22 and will be in contact. Yaaayy
My email address is now not my work one.
If the Govt and more generally the business sector want to encourage pensioners to consider and participate in addressing some of the workers shortage, they need to be more serious about the additional amount they can earn. $4000 extra won’t achieve that.
In the short term, a more realistic figure needs to be provided
I am on the age pension and I am also a sole trader.
Do I report the income that I earn on a monthly basis or a Yearly basis?
Do I report the gross income or do I report my profit loss income? (gross minus expenses)
How will allowing us to earn more cost the government anything?
If we were allowed to earn as much as we liked – and still pay income tax – then there wouldn’t be a shortage of workers, and the government would get the extra tax income – it seems to me that it would benefit the government as they would be able to free up the Centrelink poeople who currently look after us, to chase welfare cheats..
Why will it cost the government $55 million to allow pensioners to work more? More work equals more tax.
Every little bits helps, let’s hope it stays in place next and subsequent financial years
When will Centrelink start to apply the new higher earnings limit? If I start at once to work extra hours which take me over $7,800 p.a. but stay within the $11,800 p.a. limit, will Centrelink reduce my fortnightly pension amount by 50 cents for every dollar I earn over $300, or will it stay the same?
Hi Rose. We are still waiting on details of the start data for the additional work bonus. We will let readers know as soon as we find out more.
Regards
Great initiative, to be honest, we will be a lot better than before, we can not be ungrateful, we waited for ten years
will the extra income allowance come into play for pensioners who have a defined benefit pension?
Hi Ronald. These allowances affect employment income and how it is treated for the Age Pension income test.
The rules around how much you can work are absurdly stressful for older people. We largely ‘retired’ just a few months ago at the ages of 74 and 71. As migrants who came over 20 years ago, it has taken my husband and I years to get to a point where we feel we can retire without going bankrupt.
I have taken on some contract work, but feel highly stressed about the implications for our government pension. Will we be penalised? Will we be asked to pay back money. Meanwhile our own pension fund has plummeted due to economic conditions. But the government does not automatically adjust for that fall.
I fully retired at the end of June 2022 and is now claiming the full single pension my old work place would have me back tomorrow due to staff shortages . Now i could go back and do at least 5 hours per week to help out this would be well below the amount that i could earn and not affect my full pension do you still have to advise Centrelink that you are doing the above hours i would not be looking at this untill January 2023 which is there busy time.
My employer wants me to work longer hours, I wanted only 15- 20 hours a week, to have minimal penalties on my pension ( I am 74) I get called in at short notice as young staff take sickies at no notice. I don’t miss dead lines, and are always generous on opening and closing hours. Now working 42 a week and losing hugely to penalties.
This paltry increase to penalty allowance will still rob me of much of my pension, I am forced now to go back to my employer and reduce my hours. His business will suffer and I know he will be be mightily P.ssed of
What a joke – $11,800 equates to approximately 2 five hours shifts a week at the minimum wage rate ($21.38) – how many jobs are out there or employers who want an employee on their books for that little return? This is not encouragement.
this increase won’t really help much, an extra $20 a week; an extra $4000 a year allowed if you want to work a little! The people at the recent jobs summit should have taken a trip to the supermarket and look at the rises in cost of food. Not to mention the 22cents per litre that will be added to the a litre of fuel later this month. Not to mention electricity and gas prices increasing.
l’m 77 years old working as a registered nurse, I would like to retire but I see the pension as a survival option only. I guess I’ll just have to keep going at the moment.
Is the total new earnings of $11,800 pre tax or after tax?
Does the new $11,800 work bonus level only apply for this financial year or is it ongoing ?
Hi John. We are still waiting on the full details on how this will work however at this stage it looks like it will be a one off for this financial year
So interested pensioners need to find a job that that they will need to leave at the end of the financial year when the incentive ceases to apply .
How can a worthwhile employer rely on an individual for medium term support knowing that their commitment is restricted by political inadequacy?
This long awaited initiative is a fiasco in all respects .
CentreLink cut me off in December on the pretext that they thought our combined income could exceed the threshold. My wife resigned from her job in January and we’re been without income for over 6 months. CentreLink’s response? Monthly requests for more information coupled with fortnightly texts that they’re sorry for the delay. I’m ready to hand the whole thing over to retirement essentials when somebody responds to my email.