What is the Work Bonus?
The Work Bonus is a useful tool for senior Australians relying on Centrelink benefits most notably the Age Pension, Carer Payment, as well as Disability Payment. It can make older people get extra income without having to lose some of their pension to Centrelink no matter the amount of income they are earning at the moment.
How Does It Work?
This means that without it reducing their pension, the seniors can earn up to $300 in every two weeks. If this is in excess of the threshold figure, it accumulates within the Work Bonus account balance. Gradually, this balance can reach a maximum of $11,800. This assist seniors retain their pension full amount as they carry on working or gain other sources of income.
Who qualifies for the Work Bonus?
Age Pensioners: This bonus is available to Australians 67 years old or higher.
Carers and Disabled Citizens: Those receiving Carer Payments or Disability Payments are also eligible.
Automatic Application: The Work Bonus is integrated, which implies that you don’t need to apply for it individually. It depends on what you get from Centrelink.
How Much Can You Accrue?
Fortnightly Limit: It got insisted that seniors can earn $300 per fortnight.
Maximum Balance: The maximum balance that can be accrued is $11,800.
Where to Track Your Work Bonus?
To know how much credit, debit or overpayment you have click on the MyGov app and navigate to Payments and Claims. Next, select the Work Bonus option and the various options regarding its status can be seen by clicking on “My Payments”.
Important Information
No Application Needed The Work Bonus is graduated and applied automatically.Pensioners Over Income Limit: If you receive an income amount above the fortnightly limit of $300, then this amount will be added to Work Bonus account. If any extra currency is the balance, then such amounts are going to be considered for the income test next.
