Pensioners will start seeing a bit extra in their bank accounts from next month, Prime Minister Chris Hipkins has announced.
The Government yesterday put out its new cost of living package to support Kiwi families, with pensioners told they can expect a boost to their fortnightly payments.
For couples over 65, their superannuation payments will now receive an extra $102.84 per fortnight between them, while single people living alone will receive an extra $66.86 each payment.
“With global cost of living pressures, Cabinet has this year agreed to provide additional support to this group by increasing main benefits by 7.22 per cent in line with inflation,” Hipkins said.
“Superannuation will rise by the same percentage on 1 April.”
He said the package of “bread and butter support” would help people who were “really feeling the bite from the rise in the cost of living”.
The changes also mean boosts for those on other benefits, with working-age people on a main benefit set to get $19.81 and $46.20 more per pay depending on the type of benefit and whether they are single or a couple.
The annual general adjustment to benefits will mean about 1.4 million New Zealanders will not go backwards.
This includes 880,000 people receiving New Zealand Superannuation and Veteran’s Pension, 354,000 working-age beneficiaries, 52,000 students receiving Student Allowance and 74,000 people receiving supplementary assistance.
“I know every little bit counts when making ends meet. In a cost of living crisis we can’t leave those on the lowest incomes and Government support behind,” Social Development and Employment Minister Carmel Sepuloni said.
The CPI rose by 7.22 per cent in the year to December 2022 while the net average wage, against which main benefits are indexed, rose by 6.24 per cent. The extra boost to main benefits covers the 0.98 percentage point gap.
The changes show single pensioners living alone will go from receiving $925.88 to getting $992.74 fortnightly instead.
Single people living with others will receive $916.36 instead of $854.66.
Couples will get $763.64 instead of $712.22.
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