Work Bonus: Retired and want to supplement your income?
The government has made temporary changes to the Work Bonus giving older Australians greater flexibility to work and earn more without affecting their pension.
If you're an eligible pensioner the Work Bonus may help you earn more income from working without reducing your pension.
It's only for work that requires some form of effort so doesn't apply to income from your investments for example.
The Work Bonus is calculated automatically and it means that the first $300 you earn from work in a fortnight won't affect your rate of pension.
For any fortnight where you don't work or you earn less than $300 the unused amount of Work Bonus carries over up to a maximum balance of $7800.
This isn't money that you can draw on but if you start working again you can use the balance to earn more than $300 a fortnight without affecting your rate of pension until the extra balance is used up.
Video
This video explains what the Work Bonus is and how it works.
Who can get it
You must meet eligibility requirements to get the Work Bonus.
You can get the Work Bonus if both of these apply to you. You:
are Age Pension age and over get Age Pension Carer Payment or Disability Support Pension.Each payment has different rules. If you get Carer Payment or Disability Support Pension you still need to meet the normal work rules for those payments.
If you're getting the transitional rate of pension you're not eligible for the Work Bonus.
You don't need to apply for the Work Bonus. We'll apply the Work Bonus to your eligible income if you meet all the eligibility requirements. All you need to do is declare your income.
You can use your Centrelink online account through myGov to see your Work Bonus balance.
How it works
The Work Bonus reduces the amount of your eligible income included in the income test. This helps us work out your rate of payment.
The Work Bonus doesn't apply to income from your investments.
The maximum Work Bonus balance will temporarily increase from 1 December 2022 until 31 December 2023.
Next
Read more about this increase depending on if you work or if you don't work.
if you work if you don't work
If your partner has employment income
Types of income we apply the Work Bonus to
❊ When ❊
Happens: Monday, Tuesday, Wednesday, Thursday, Friday, Saturday, Sunday
❊ Web Links ❊
→ Work Bonus: Retired and want to supplement your income?→ Disclaimer: Details can change at any time. Always check with the advertiser before making plans, buying tickets or proceeding .. more
Update This Page
