{"id":5761,"date":"2020-01-05T02:34:56","date_gmt":"2020-01-04T15:34:56","guid":{"rendered":"https:\/\/www.philippinesentinel.org\/?p=5761"},"modified":"2020-01-05T03:23:03","modified_gmt":"2020-01-04T16:23:03","slug":"federal-government-announces-600-million-boost-for-pensioners","status":"publish","type":"post","link":"https:\/\/www.philippinesentinel.org\/?p=5761","title":{"rendered":"Federal Government announces $600 million boost for pensioners"},"content":{"rendered":"\n<p style=\"font-size:12px\"> <strong><em>As seen on the August 2019 issue of The Philippine Sentinel<\/em><\/strong> <\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large is-resized\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.philippinesentinel.org\/wp-content\/uploads\/2020\/01\/Article_BoostForPension.jpg\" alt=\"\" class=\"wp-image-5762\" width=\"566\" height=\"375\"\/><\/figure><\/div>\n\n\n\n<p>T<strong>he Federal Government has announced it will spend $600 million on a pension boost for older Australians, under long-awaited changes to deeming rates. <\/strong><\/p>\n\n\n\n<p class=\"has-normal-font-size\">The Government will promise up to $1,053 a year for part-pensioners and those who receive other federal allowances in a change to the rules on earnings from term deposits, shares and other investments. <\/p>\n\n\n\n<p class=\"has-normal-font-size\">Retiree groups have been urging the Government to cut the official deeming rate, which assumes how much a pensioner earns on private investments. <\/p>\n\n\n\n<p class=\"has-normal-font-size\">The lower deeming rate will\ndecrease from 1.75 per cent to 1 per cent for financial investments up to\n$52,000 for single pensioners and $86,000 for pensioner couples, while the\nupper deeming rate will be cut to 3 per cent. <\/p>\n\n\n\n<p class=\"has-normal-font-size\">&#8220;It will mean more\nmoney in the pockets of older Australians,&#8221; Minister for Families and\nSocial Services Anne Ruston said in a statement. <\/p>\n\n\n\n<p class=\"has-normal-font-size\">&#8220;Under the new rates\nage pensioners whose income is assessed using deeming will receive up to $40.50\na fortnight for couples, $1,053 extra a year, and $31 a fortnight for singles,\n$804 a year.&#8221; <\/p>\n\n\n\n<p class=\"has-normal-font-size\">Pensioners will see the extra money come into their bank accounts from the end of September, in line with the regular indexation of the pension. The payments will be backdated to July 1. <\/p>\n\n\n\n<p class=\"has-small-font-size\"><strong>(First published in MSN News) <\/strong><\/p>\n\n\n\n<p><br><strong>What is the Deeming Rate? <\/strong><\/p>\n\n\n\n<p class=\"has-normal-font-size\">The deeming rate is the\namount the government deems your income to be from your financial assets. &#8230;\nThis calculation is used for the pension income assessment and can affect how\nmuch someone receives through their pension. <\/p>\n\n\n\n<p class=\"has-normal-font-size\">This calculation is used for\nthe pension income assessment and can affect how much someone receives through\ntheir pension. <\/p>\n\n\n\n<p class=\"has-normal-font-size\">A pensioner can earn up to\n$172 a fortnight before their payments are reduced. <\/p>\n\n\n\n<p class=\"has-normal-font-size\">The deeming rate for singles is 3.25% for assets over $51,200 and 1.75% for those under that threshold \u2013 but more detail on this later. <\/p>\n\n\n\n<p class=\"has-small-font-size\"> <strong>(The Guardian)<\/strong> <\/p>\n","protected":false},"excerpt":{"rendered":"<p>As seen on the August 2019 issue of The Philippine Sentinel The Federal Government has announced it will spend $600 million on a pension boost for older Australians, under long-awaited changes to deeming rates. The Government will promise up to $1,053 a year for part-pensioners and those who receive other federal allowances in a change [&hellip;]<\/p>\n","protected":false},"author":139,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"ngg_post_thumbnail":0,"footnotes":""},"categories":[34,89],"tags":[],"_links":{"self":[{"href":"https:\/\/www.philippinesentinel.org\/index.php?rest_route=\/wp\/v2\/posts\/5761"}],"collection":[{"href":"https:\/\/www.philippinesentinel.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.philippinesentinel.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.philippinesentinel.org\/index.php?rest_route=\/wp\/v2\/users\/139"}],"replies":[{"embeddable":true,"href":"https:\/\/www.philippinesentinel.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5761"}],"version-history":[{"count":3,"href":"https:\/\/www.philippinesentinel.org\/index.php?rest_route=\/wp\/v2\/posts\/5761\/revisions"}],"predecessor-version":[{"id":5793,"href":"https:\/\/www.philippinesentinel.org\/index.php?rest_route=\/wp\/v2\/posts\/5761\/revisions\/5793"}],"wp:attachment":[{"href":"https:\/\/www.philippinesentinel.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5761"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.philippinesentinel.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5761"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.philippinesentinel.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5761"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}