After Social Services Minister Scott Morrison Announces Changes To The Age Pension From January 2017

Описание: Social Services Minister, Scott Morrison, has announced changes to the Age Pension from January 2017. Here's a summary of the new measures which are intended to reap $2.4 billion in savings.

Who's Affected:
• 3,534,807 pensioners will see no change
• 171,658 will get more money
• 91,378 will lose the part-pension
• 235,756 will get less money

Assets Test Free Areas:
• Single homeowner $250,000 (previously $202,000)
• Single non-homeowner $450,000 ($348,500)
• Couple homeowners $375,000 ($286,500)
• Couple non-homeowners $575,000 ($433,000)

Assets Test Cut-Out:
• Single homeowner $547,000 ($775,000)
• Single non-homeowner $747,000 ($922,000)
• Couple homeowners $823,000 ($1.15 million)
• Couple non-homeowners $1.023 million ($1.298 million).

Taper Rate (by how much the pension is reduced):
• Increases from $1.50 to $3 per $1,000 of assets over the test-free threshold.

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