Yahoo Finance 4 WEEKS TO GO: 4.6 million Aussies to receive $250 cash boost
Millions of Australians are set to receive another $250 cash injection in the next four weeks, with the Government’s Economic Support Payment set to flow from 1 March 2021.
The $500 Economic Support Payment was introduced as part of the 2020 Budget, and split into two payments - one which was paid from 1 December 2020, and another which will be paid in March.
Around 4.6 million Aussies in total are set to benefit from the payment, including 2.5 million pensioners and 400,000 self-funded retirees.
However, these Aussies are reminded they will only be eligible if they received one of the applicable payments, or have a Pensioner Concession or seniors health card by 26 February.
They also need to be in Australia by this date.
Who gets the $250 Economic Support Payment?
If you receive one of the following, you’ll be eligible for the payment:
Age Pension
Carer Allowance
Carer Payment
Commonwealth Seniors Health Card
Disability Support Pension
Double Orphan Pension
Family Tax Benefit
Pensioner Concession Card
If you receive more than $1 of the Coronavirus Supplement, you won’t be eligible for this payment.
To meet the income test, individuals must earn below $55,808. Couples must earn no more than $89,290, or $111,616 if they are separated by respite care, illness or prison.
How do I get the $250 Economic Support Payment?
If you receive one of those payments or have an eligible card, you won’t need to do anything. It will simply be paid into your bank account automatically.
If you have a Cashless Debit Card, the payment will be paid onto the card. If your income is managed, the payments will also be 100 per cent income managed, according to Services Australia.
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