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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.
I’m still not sure when the extra $4000 will start to kick in. Government websites are still saying that the maximum is $7800. If I take on extra hours of work now (I’m already earning at the fortnightly limit) I’m assuming my pension will be reduced, and I won’t get a refund once the legislation is passed?
Hi Rose, it’s definitely been a bit of a wait to see this benefit come through! The most recent information we have is that the increase in the work bonus balance will apply from 1 December 2022, and you have up until 31 December 2023 to use it. This has only recently been confirmed which is why you haven’t seen it earlier. Hopefully you will start seeing a change in the coming weeks. https://www.servicesaustralia.gov.au/work-bonus
Hi,
Just to clarify. My wife receives half the couple age pension. She is 69 and I am 64. I am retired at present. From your work bonus advice and the couples combined $336 pfn – I could work and earn up to the $336 without my wife’s half pension being affected.?? And if I started work say in January half way through the tax year I could earn 2 x the $336 for the say six months up until 30th June??
Hi Kerry. The work bonus only applies if you are already receiving the Age Pension. As you are under Age Pension age it won’t apply to you or your employment income.
Pensioners who need to work to supplement their income should not be penalised at all. Allowing pensioners to work will help them keep up with the cost of living and help with crippling labour shortages.
Pensioners earning additional income would pay additional income tax, off setting additional pension costs.
In New Zealand, pensioners are not penalised for earning additional income.
The age pension income test punishes older Australians who need work.
I am entitled to the extra work bonus but my centrelink pension per fortnight has not increased accordingly. Do we have to wait until June 2023 to receive a lump sum
When this legislation is eventually passed, hopefully this year, will it be back dated to 1 July 2022 as originally promised as the start date? If it was, would those who lost income in the last few months be refunded?
I agree with Rozzie’s’ statements above. Many of us are engaged in a fine balancing act.
I am 72, have bone cancer, but work 15.2hrs a fortnight to help make ends meet. However, with the current rate of inflation it is an uphill battle. My husband is 74, has had open heart surgery, a stroke, diabetes and COPD but just finished working 2 days a fortnight to keep up with maintenance with of the home. It would be humane if at our ages and health challenges we were not penalized for working to make the ends meet.