Good news! The amount you can earn without impacting your pension is going up

There was some good news for pensioners in Parliament this week after the Lower House passed draft legislation that will allow pensioners to earn more money before their payments begin to reduce. According to the changes, which are yet to pass the Upper House, those in receipt of the Age Pension will be able to earn a higher sum per fortnight before their pension is affected as the Work Bonus is set to rise from $250 to $300. On Thursday, Minister for Social Services Paul Fletcher said that around 90,000 pensioners should receive an increase in their payments from July 1. “Our Liberal National Government is able to deliver more support to retirees, thanks to our strong economy and prudent management of the Budget,” Fletcher said in a statement. The proposal, which was first announced in last year’s federal budget, cleared the House of Representatives on Wednesday alongside two other measures – means testing pooled-retirement-income products and allowing more older Australians to access the pension loan scheme – predicted to cost the government $258 million overall according to AAP, via The Australian.  Explained: How much you can earn before losing your Age Pension. Read more here >>>

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