National Seniors Australia says the Government’s decision to extend the $4,000 increase in the Work Bonus limit by six months is good news for Seniors.
The extension, to the end of 2023, was passed as an amendment to the Workforce Incentive Bill in the House of Representatives last night.
National Seniors says increasing the timeframe for eligibility for the Work Bonus increase means more pensioners, Veterans, disability support pensioners and recipients of the carer payment over pension age will have an incentive to work and fill critical labour force shortages when the Bill is passed.
“The extension to the end of next year means pensioners and those reaching pension age will have more time to take advantage of this incentive to work without affecting their pension,” said National Seniors Chief Advocate Ian Henschke.
“We expect more pensioners will stay in the workforce, return to work and work more.
“According to the ABS, there are almost half a million job vacancies across Australia. More than 74,000 are in health, aged care, disability and childcare.
“This move means people reaching pension age over the next year will have a good reason to stay in the workforce.”
The change to the Work Bonus limit means a single pensioner with no savings could earn up to $17,000 without impacting their pension and a couple as much as $32,000 (if both work part time up to the limit).
“We encourage pensioners to take up the offer, and for government to publicise it,” said Mr Henschke.
“We congratulate the Federal Government for listening to the community and for making this amendment. We also welcome the support of the Australian Greens and cross-bench Independents for pushing for this practical change to make a difference for pensioners who want to work. We hope this Bill passes quickly in the Senate. It shows you can improve people’s lives without blowing the budget.”
“We look forward to working with the government to make more long-term changes to make the tax and transfer system simpler and fairer so pensioners, job seekers, and others can help meet crippling workforce shortages. We will be submitting our suggestions to the upcoming Employment White Paper and May 2023 Budget,” he said.
