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Make 2021 your best financial year yet!

Millions of Aussies score $500 Covid cash payments

Lucy Dean
Senior woman in infinity pool, laughing, close-up
Image: Getty

Around 5.1 million Australians will receive two $250 payments, although they have been warned to act fast to ensure they don’t miss out.

Around 2.5 million pensioners, 400,000 self-funded retirees who use a Commonwealth Seniors Health Card, around one million Australians with disabilities and their carers and 760,000 low-income families will receive the two injections.

The Economic Support Payments were featured in the 2020 Budget and will be paid from 30 November 2020 and 1 March 2021 in two separate $250 injections, after the Bill supporting the payments passed through Parliament on Wednesday.

Now, self-funded retirees are being urged to double check they qualify before the 27 November cut-off date.

“Self-funded retirees who are among the hardest hit by the COVID Financial Crisis (CFC) could really do with some extra cash in their pockets going into Christmas,” National Seniors chief advocate, Ian Henschke said.

“I urge all self-funded retirees who are not CSHC holders to at least check the eligibility criteria and apply before the November 27 deadline.”

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.

Recipients must also live in Australia to be eligible.

The support payments come as Australia’s retirees face dented savings through record low interest rates and a deflationary economic environment which saw them miss out on a September pension increase.

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