Cash Bonus for older working Australians

Minister for Community Services Larry Anthony has today urged older Australians to take advantage of a Federal Government scheme that will reward them with a cash bonus if they stay in the workforce past Age Pension age.

Mr Anthony will write this week to 200,000 people to make them aware of the Pension Bonus Scheme which pays tax-free lump sums to Australians who defer receiving the Age Pension.

“The scheme was introduced in 1998 and so far only 3000 people have received a bonus payment. People may not be aware of the scheme or might not realise they could be eligible.

“Under this scheme, people who continue to work for at least 12 months after reaching Age Pension age instead of receiving the pension can receive a bonus payment when they eventually retire.

“Reaching Age Pension age does not necessarily mean that people should retire. Staying in the workforce means more superannuation, a wage that may be higher than the pension and this extra bonus when they eventually decide to finish paid work.

“This scheme helps encourage people with skills and experience to stay at work and helps develop the financial well-being and independence of this important group of Australians,” Mr Anthony said.

People who believe they may be eligible should phone Centrelink on 132 300.