Incentivising pensioners back into the workforce

Various measures announced as part of the October 2022 Federal Budget intend to provide you with an incentive to get back into the workforce.

These include an increase to the work bonus concession balance as well as a new feature to suspend pension entitlements.

Work bonus concession balance

Age pensioners, disability support pensioners, those who receive carers allowance and certain veterans' entitlements recipients will get a $4,000 increase to their work bonus concession balance.

The work bonus concession balance allows you to earn additional income before there is any adjustment to your entitlement. The increase will mean up to $11,800 can be earned for the 30 June 2023 income year.

Suspension of entitlements rather than cancellation

A new feature will introduce a suspension of benefits, rather than the current setting which cancels a social security entitlement.

When you earn income above the maximum allowable threshold, a 12-week employment nil rate applies. After this time, the entitlement is cancelled, meaning you would have to re-apply for the entitlement.

The new measure will give you allow your entitlement to be suspended for 2 years, where you can automatically recommence your social security entitlement when you become eligible.

If you would like to know more information about any of these measures, including when they start to apply to your circumstances, please do not hesitate to contact our office.

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