Pensions and allowances rise
Tuesday 20 October, 2015
Source: Department of Veterans' Affairs e-News
Veterans’ pensions were increased from 20 September 2015 following the latest round of indexation adjustments.
As pension rates are calculated on a daily basis, the pension paid on payday 1 October 2015 will be paid partly at the old rate and partly at the new rate. The first full payment at the new rates of pension will be payday 15 October 2015.
Increases apply to single and couples service pensions, disability pensions, Extreme Disablement Adjustment, General Rate of disability pension, war widow(er)s pension and benefits under MRCA.
The deeming rates and thresholds remain unchanged. The lower deeming rate is currently 1.75% and is applied to financial assets below $48,600 (single) or $80,600 (couple combined). The higher deeming rate is currently 3.25% and applies to financial assets in excess of those amounts.
The indexation factor used to index pensions each March and September can be based on either the Consumer Price Index (CPI), the Pensioner and Beneficiary Living Cost Index (PBLCI) or Male Total Average Weekly Earnings (MTAWE). For 20 September 2015, the CPI and PBLCI both produced a 0.8% increase over the six months.
More information on the new pension rates is available from DVA on 133 254 or from regional Australia free call 1800 555 254 or visit www.dva.gov.au