Around five million people will receive a boost to their social security payments when indexation takes effect next Wednesday.

Those receiving Age Pension, Disability Support Pension and Carer Payment will receive an increase of $19.60 a fortnight for singles and $29.40 a fortnight for couples (combined).

The maximum rate of the Age Pension will increase to $1,116.30 per fortnight for singles, and $1,682.80 per fortnight for couples (combined).

Pension age in Australia is 65 years and six months, if born between 1 July 1952 and 31 December 1953; 66 years, if born between 1 January 1954 and 30 June 1955; 66 years and six months, if born between 1 July 1955 and 31 December 1956 and 67 years if born on or after 1 January 1957.

Commonwealth Rent Assistance will also all be indexed, which will be of benefit to most people who live in Over 55s rental accommodation. JobSeeker, Parenting Payment Single and ABSTUDY also are indexed.

“Our number one priority is addressing inflation and cost of living pressures. These challenges highlight the importance of regular indexation to ensure that payment recipients have more money in their pockets for everyday expenses,” Minister for Social Services Amanda Rishworth said.

“Pension recipients are some of the most vulnerable members of our communities, many having worked all their lives contributing to our society or caring for a loved one.”

Great to know that those most in need will have more money in their pocket.