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$4,000 Centrelink relief for these Aussies

The Centrelink sign on the exterior of a Services Australia building. A person holding $50 notes.
Older Aussies will be able to earn more without their Centrelink payments being impacted. (Source: Getty)

Aussies on the Age and Veterans pensions will soon be able to work more without their Centrelink payments being impacted, thanks to a new law passed this week.

Under the new rules, older Australians will be able to earn $4,000 more per year before their pension payments are impacted.

The new rules will operate through until December 31, 2023, at which time the Government will determine if the move is helping older Aussies to get a bank boost as well as helping to fill worker shortages.

The measure was due to expire in July 2023 but has now been pushed back to allow extra time for older Aussies to adopt the scheme.

Following the Jobs and Skills Summit in Canberra earlier this year, the Albanese Government introduced legislation to credit $4,000 to the income banks of Age Pensioners from December 1 this year.

The temporary income bank top-up will increase the amount pensioners can earn from $7,800 to $11,800, before their pension is reduced.

The measure is designed to enable pensioners who want to work immediately to boost the supply of labour to help meet shortages.

Pensioners will be able to fill those shortages without losing their pension, either in short stints or over the course of a year.

Minister for Social Services Amanda Rishworth said it was important pensioners had the choice to work, should they wish to do so.

“We’ve listened and we’re now seeking to extend the measure for 12 months to ensure people have time to use it,” Rishworth said.

“Our measure provides certainty – pensioners know exactly what they are getting up front and how much they can earn.

“The Albanese Labor Government is committed to improving the lives of all Australians – including older Australians – and, importantly, providing choice.”

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