There are many disincentives that pensioners face when deciding whether or not to work part-time. Among them is losing part of their welfare payments for each additional hour worked.
But that impediment, at least, is about to be reduced.
Draft laws, which have passed the first hurdle of parliament, will soon allow pensioners to earn $300 a fortnight, without it impacting their welfare payments.
And rightly so, as some older Australians still struggle to make their ends meet. It’s an amendment that should have been pushed forward long ago.
Pensioners to receive $300 extra per fortnight
According to the Australian Associated Press, this bill proposal, which cleared the lower house alongside two other measures — including letting more elderly Australians access the pension loan scheme and testing pooled-retirement income products — will have an overall cost of $258.6 million over the forward estimates.
And of course, not everyone will jump to work part-time, but the extra opportunity will help those who desperately need it — or perhaps, need the extra challenge of working when retired life becomes tedious.
Social Services Minister Paul Fletcher praised the bill on Wednesday, saying:
‘Overall, this bill gives retirees greater choice and flexibility when it comes to managing their finances in retirement.’
Free Report: Australia’s right to free speech is under attack! Discover how a select group of Australians want to stifle your fundamental right to speak your mind — and what you can do help turn the tide. Download now.