There is an amendment to the Social Security Act 1991 proposed for debate in Federal Parliament next week. This is one of many changes combined under the Families, Housing, Community Services and Indigenous Affairs and Other Legislation Amendment Bill 2011.
The amendment will make changes to the Pension Work Bonus to exempt the first $250 per fortnight of employment income from the income test, and introduce an employment income concession bank to enable pensioners to accrue any unused amounts of the $250 fortnightly exemption to a maximum of $6,500 and offset future assessable employment income.
In simple terms, this will increase incentives for age pension recipients to work, by enabling them to keep more of their pension when they are working.
The Liberal-National Coalition first raised this issue with the Government back in February 2010, after feedback regarding pensioners working in temporary jobs, such as school exam supervisors and as Christmas Santa, being unfairly penalised for their efforts. We raised this again in Budget Estimates in May 2010, before the Government adopted the policy leading into the last Election.
Needless to say, I will be supporting this important amendment and will endeavour to speak on this Bill in Parliament.
If any readers would like some more information about this amendment please feel free to contact my office.
John Alexander MP
Member for Bennelong
P: 02 9869 4288
A: PO Box 872, Epping NSW 1710
