Find out all you need to know about the Australia Resuming Pension Bonus Scheme. Check eligibility, bonus amount and dates. The Australian Pension Bonus Scheme offers a lump-sum tax-free payment to eligible older Australians who want to delay claiming the Age Pension. The government will resume the PBS in 2024 for those who meet the criteria. Continue reading this article to learn more about Australia Resuming Pension Benefit Scheme 2024.
Australia Resuming Pension Bonus Scheme 2024
In 2014, the Australia Pension Bonus Scheme (Australia PBS), which was introduced in 1998 and closed new registrations, reflected the changes on the job market as well as the pension system. In response to these effects, Veterans Affairs Department has decided to reinstate the Australian PBS program for new participants.
Australia Resuming Pension Bonus Scheme is generating some interesting new debates. This time it may focus on PBS members that joined prior to the closure of 2014. You may have to wait a while to apply for your Age Pension once you become eligible to change the effect. The official details will be announced soon.
Australia Pension Bonus Scheme Eligibility
The government has taken some possible initiatives to restart the Australia Pension Bonus Scheme. Through this scheme, a person could accrue maximum bonus period depending on his or her circumstances. These are the requirements to be eligible for this scheme:
- After reaching the age of eligibility, individuals had to wait a minimum of one year before they could claim their pension. The deferral period would have been at least one year as the main purpose of the program is to encourage continued work.
- Participants were required to work a certain number of hours during the period of deferral. Details may have been different, but the average is expected to be 20 hours per week for at least a year.
- In Australia, the required working hours are usually 640 hours.
The Australia Resuming Pension Bonus Scheme has some eligibility criteria. Individuals will be subject to income restrictions. Further updates will likely be posted on the main portal of Service Australia, or the Department of Veterans Affairs.
Australia PBS Amount
The number of bonus periods that you have accrued will determine the amount you can receive from the Australia Resuming Pension Bonus Scheme.
| The number of bonus periods that qualify | Bonus Amount |
| One year | $2,440.80 |
| Two years old | $9,763.30 |
| Three years old | $21,976.40 |
| Four years | $39,053.20 |
| 5 Years | $56,139.00 |
This is the Pension Bonus Scheme and a bonus period that likely represents one year deferring Age Pension claims while meeting minimum work requirements.
You can earn the maximum bonus by delaying your Age Pension for five years, and fulfilling all work requirements during that time.
Australia Resuming Pension Bonus Scheme Dates
PBS dates have not been confirmed, but the scheme was launched on July 1, 1998. The scheme was launched on July 1, 1998, and eligible Australians were able to register and take part.
In July 2014, the scheme was closed. As of today, however, the scheme is still closed to new registrations. There are talks about a possible revival for members who signed up before 2014.
All We Know
Australia Pension Bonus Scheme does not accept new registrations at this time. The Australia Pension Bonus Scheme is currently closed to new registrations.
The Australia Resuming Pension Bonus Scheme aims to provide a bonus to those who delay age pension claims. It also aims to prolong the working lives of individuals eligible. This could help to address the labor shortages that exist in certain sectors, and also contribute to economic growth.
The bonus was a top-up financial payment and the Age Pension was claimed. It could increase retirement income for participants and lead to a more secure retirement. It may also be helpful to analyze alternative programs, such as the Age Pension and Work Bonus.