The Federal Government announced a boost to pension rates for armed forces veterans on Wednesday, as part of its biannual indexation process.
Almost 300,000 veterans and their families are set to benefit from the increase to the payment, which Minister for Veterans’ Affairs Darren Chester said is an indication that the government is working hard to “put them first”.
“Our Government provides more than $11.2 billion each year to deliver essential services and programs to support 290,000 veterans and their families,” he said.
“The new pension rates will be fully effective from pension payday 11 October 2018 for pension recipients including veterans, their partners, war widows and widowers across Australia.”
From next month the veterans’ service pension will increase by $8.70 every two weeks for individuals, to $916.30, while couples will pocket a total of $690.70 per fortnight, due to an increase of $6.60.
While the war widow(er)s pension is set to be boosted from $922.50 to $931.50, increasing by $9 per fortnight, while the additional income support supplement will be hiked up by $2.80, seeing recipients receive $275.40 every two weeks.
The disability pension for veterans is also being raised too, in line with the indexation process, which takes place twice a year. The rate for those on the Totally and Permanently Incapacitated special rate will benefit from an extra $13.80 per fortnight, receiving $1408.
Also increasing is the Intermediate Rate, for those only capable of carrying out part time or intermittent work, which will rise from $946 a fortnight to $956. While those on the EDA rate, which can only be considered for veterans aged 65 and over who are not eligible to receive a Special or Intermediate rate of pension – will get $777.90 every two weeks, which is a boost of $7.70.
Veteran pension payments have increased in line with the biannual indexation process. The new rates will be fully effective from pension payday 11 October 2018 for pension recipients including veterans, their partners, war widows & widowers across Australia @DVAAus #TYFYS #auspol pic.twitter.com/qQAbwHh0sh
— Darren Chester MP (@DarrenChesterMP) September 26, 2018
From September 20, the Age Pension and Disability Support Pension will also increase by $8.70 every two weeks, to $916.30 for singles, while couples will receive a sum of $1,381.40 a fortnight, due to an increase of $13.20.
The limits of the income and assets tests for recipients of the Age Pension will also be raised.
A statement, issued by Minister for Social Services Paul Fletcher, read: “Since the Coalition was elected, pensions have increased by $107.90 per fortnight for singles and by $162.60 per fortnight for couples combined.”