Earning extra income while on pension?

The Government is enabling individuals on the Age Pension to earn extra income without losing their pension benefits.

To receive the full Age Pension as a single pensioner, you can earn up to $204 per fortnight and up to $360 for couples.

To receive the part Age Pension as a single pensioner, you can earn up to $2,332 per fortnight and up to $3,568 for couples.

The Work Bonus

On top of your income, the Work Bonus allows you to earn up to an additional $300 per fortnight before your pension payments are affected.

Any portion of the $300 that is not used, accumulates into a Work Bonus Income Bank which you can use in the future. At the moment, the maximum amount you can accumulate in your Work Bonus Income Bank is $11,800, however this will revert back to $7,800 from 1 January 2024. Once you exceed this, you won’t be able to receive any more.

Your Work Bonus balance begins accumulating from the day you become eligible for Age Pension payments, even if you’re not working.

Case study example

Julie is receiving the pension and works as a casual nurse, earning $350 a fortnight. She has no income other than the pension.

Based on the $204 income limit, she has exceeded this amount by $146 per fortnight. However, the remaining $146 will go under the Work Bonus of $300. As she’s not exceeding the limit, Julie will still receive the maximum pension rate.

For more information contact the My Fortress team.