What is the Work Bonus for Aged Pensioners?
The Work Bonus allows aged pensioners to earn up to a certain amount, from working, before their age pension begins to be reduced.
As at July 2023, the Work Bonus, together with the normal pension income free amount, now means a single pensioner, over Age Pension age and without any other private income, could earn up to $504 a fortnight from their work, without any deduction from their aged pension.
Any unused part of the current fortnightly $300 Work Bonus will be accrued in a Work Bonus income bank.
The maximum “Work Bonus Income Bank” amount that can be accrued is currently $7,800, but will increase to $11,000 from 1 January 2024.
This Work Bonus income bank will accrue, if not used, without any time limit. It can only accrue up to the maximum shown above.
Full details and updates at: https://www.dss.gov.au/seniors/programmes-services/work-bonus