FIVE million Australians will benefit from the largest increase in social security payments since 2013.

Centrelink adjusts the maximum pension payment twice a year – in both March and September, to ensure payments to those in need are at the standard of rising costs.

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From 20 March 2022, the new increase will see a 2.1 percent raise for those on the Age Pension, Disability Support Pension and Carer Pension, resulting in a $20.10 boost per fortnight for singles and $30.20 a fortnight for couples, bringing the total payments to $987.60 and $1,488.80 respectively.

In addition to this boost, Centrelink has also adjusted the thresholds for assets tests.

For singles, the threshold has increased by $6,750 to $599,750 for homeowners and $816,250 for non-homeowners.

For couples (combined), there has been a threshold increase by $10,000 to $901,500 for homeowners and $1,118,000 for non-homeowners.

As reported by the Australian Bureau of Statistics in 2021, Tea Gardens and Hawks Nest had the oldest median age of residents in Australia, with 63.4 years.

Minister for Families and Social Services, Anne Ruston, said the increase will be helping those who rely on the social security system.

“This is putting money in the pockets of all Australians who rely on our social security system and, in particular, older Australians,” she said.

Liberal Senator Ruston said the increases had taken into account “the actual expenses of senior Australians”.

“It gives us a higher weighting to fuel and transport costs in recognition of their significance to pensioners, which helps ensure the rate of the age pension maintains senior Australians’ purchasing power in the economy,” she said.

Although approximately five million Australians who access these payments will receive a rise, Opposition Leader Anthony Albanese has labelled this increase as spin.

“This government is so out of touch that they’re prepared to spin out there saying how well pensioners are going to be off,” Albanese told reporters.

“When they get to the supermarket to buy products, they find that everything has gone up.

“The rise in the pension will not keep up with the costs of living.

“Pensioners are doing it really tough at the moment.”

Others who will receive a boost to their payments include Jobseekers, those on rent assistance and Australians who benefit from the parenting payment.

Singles without children receiving Jobseeker will receive a fortnightly payment of $629.50, an increase of $13.20.

The parenting payment single will jump by $18.10 to $874.10, including the pension and energy supplements.

The rent assistance maximum fortnightly rate is being increased to $145.80 for singles without children, $171.50 for families who have up to two children and $193.62 for families who have three children or more.

By Tara CAMPBELL