Permanent increase for the Work Bonus Bank.
Veterans and partners who receive the Service Pension, Income Support Supplement or Age Pension and are entitled to the Work Bonus will be able to earn more income from employment before it affects their pension entitlements.
From 1 January 2024, the maximum limit for Work Bonus Bank balances will be permanently increased. This includes an increase to the maximum allowed Work Bonus Bank balance from $7,800 to $11,800, and will provide all newly eligible Work Bonus Bank clients with a starting Work Bonus Bank balance of $4,000.
In addition, beginning 1 July 2024, former Work Bonus Bank clients with a preserved Work Bonus Bank balance who are re-joining the scheme may be eligible to receive a top-up to ensure their balance is equal to $4,000 upon recommencement.
These changes will allow pensioners the opportunity to earn more income without affecting their pension, which will improve the financial independence and wellbeing of veterans and families.
More information about the Work Bonus Bank is available on the DVA website.