Pensioner Work Bonus

Do you understand what this means?

 

The Work Bonus is an incentive for pensioners over age pension age to participate in the workforce. It reduces your assessable income by $250 each fortnight. If the Work Bonus is not used because you are not working or you earn under $250 in a fortnight, the unused amount will be added to your Work Bonus balance. The Work Bonus balance can be used to offset any future employment income you have. This means you can work for short periods with little or no effect on your pension. (e.g. seasonal work, fruit picking or Father Christmas, Government Elections etc.)

 

If you do not work, the whole fortnightly Work Bonus amount of $250 is saved and is added to your Work Bonus balance. Your Work Bonus balance can reach $6500.

 

The Work Bonus is not applied to income from:  (1) Investments. (2) Self employed income. (3) Superannuation income.

 

How to get the Work Bonus?  Let Human Services know about your gross earnings,

Your pension will not be affected until you have earned $6500 in any one year.

 

Sally Jones

National Convener

Older Women’s Network Australia