Harnessing the skills and experience of older Australians
From 1 July 2011, age pensioners will benefit from an improved Work Bonus which rewards older Australians who continue to participate in the workforce.
Age pensioners who work will be able to earn up to $250 per fortnight above the income threshold before their pension is affected. Pensioners will be able to accrue a credit of any unused amount of the $250 fortnightly exemption, capped at $6,500 (twenty six fortnights multiplied by $250).
This will provide an additional $25 million to age pensioners in 2011‑12.
Recognising the potential of older Australians
The Government recognises the contribution made by older Australians to the community and the workplace. That is why it has recently announced the establishment of an Advisory Panel on the Economic Potential of Senior Australians. The Panel will examine the benefits and opportunities that come with a larger and more active community of senior Australians. It will ensure that the potential of the older members in the community is considered in a range of policy debates.
The Panel will complement the work of the Consultative Forum on Mature Age Participation which will continue to focus on measures to promote workplace participation.
This Budget builds on the Government's $43.3 million Productive Ageing Package and the $93.7 million Work Bonus with a $30 million More Help for Mature Age Workers initiative which aims to boost the skills levels and enhance the opportunities for older Australians.
Income exempt from the income test due to the Work Bonus
Source: Treasury.