For the betterment and welfare of its citizens, the New Zealand government runs several social security and pension programs under New Zealand Welfare. For instance, social security benefits like Child Disability Allowance, Jobseeker Allowance, Orphan’s Benefit, Supported Living Payment, Unsupported Child’s Benefit, Young Parent Payment, and Youth Payment are provided to eligible citizens. On the other side, people who are 65 years of age or above and served the country during their military service are eligible for the New Zealand Superannuation and War Veterans pension payment respectively. On continuing to this post, you will be able to learn in detail about NZ Super along with the pension increase as of 2024. Read the full post to learn in detail about NZ Pension Increase payment amount and eligibility criteria, so that you cannot miss any updates.
NZ Pension Increase 2024
Social security and pensions in New Zealand are administered by the Work and Income Department under New Zealand Welfare which aims to provide financial support to the eligible citizens as per their situation. There can be certain reasons behind a person in need of government financial support such as unemployment, higher cost of living, unable to work due to a health condition or disability, pregnancy, or taking care of a child or any other dependent. Those who have lost their jobs or not working due to any disability or any other reason and the citizens who are facing complications while managing the cost of living and other expenses can claim the pension by qualifying the eligibility criteria. In addition, if you are taking care of someone or you have a dependent child, then you are eligible for carers and children benefits. However, your pension amount may differ based on your situation.
The New Zealand Superannuation which can also be termed as NZ Super is a government pension provided to citizens aged 65 or above. However, you will need to qualify for certain guidelines set by the government to claim the pension. The payment amount will depend on your status whether you are single, married, or in a relationship, and your living situation. Your income will not affect the NZ Super unless you are receiving any overseas income whether you are single or married. Apart from that, if you have served in any war in which New Zealand forces have served or you have suffered any disability during your military service, then you are eligible to claim a Veteran’s pension instead of Superannuation.
NZ Pension Increase 2024 Overview
| Post Title | NZ Pension Increase in 2024 |
| Country | New Zealand |
| Department | Work and Income |
| Category | Government aid |
| Applicable for | Eligible citizens |
| Category | Pension |
| Year | 2024 |
| Official website | Workandincome.govt.nz |
NZ Pension Increase and Payment Amount 2024
Superannuation is considered a taxable amount and as of April 1, 2024, the NZ Super has increased by 4.66% and the beneficiaries are all set to get an increment in their pension amounts. NZ Super payments are set by the NZ government each year and any increase can be implemented as per the cost of living rise which is measured by the consumer price index. In addition to your status, whether you are single or married, the pension amount will depend on the tax code you are choosing. If NZ Super is your only source of income, then you will choose tax code ‘M’. However, if you have a secondary source of income, then you will have to choose secondary tax codes as per your income limit. Before checking your average payment amount, it is advised to check tax codes by visiting the official website of Work and Income:
For single or living with housemate:
| Tax Codes | For single | Living with an eligible housemate |
| M | $1,038.94 | $959.02 |
| S (17.5%) | $1,001.24 | $921.32 |
| SH (30%) | $849.74 | $781.82 |
| ST (33%) | $813.38 | $748.26 |
| SA (39%) | $740.66 | $681.38 |
For married or living with a partner
| Tax Code | Pension amount |
| M | $799.18 per each |
| S (17.5%) | $761.48 per each |
| SH (30%) | $646.22 per each |
| ST (33%) | $618.56 per each |
| SA (39%) | $563.24 per each |
NOTE: The data provided in the above-mentioned table are based on the official website of Work and Income and may expect future changes. For more information, you can also visit the official website of the administration.
New Zealand Superannuation Pension Payment Dates 2024
The Department of Work and Income provides the Superannuation pension on Tuesday fortnightly to the eligible citizens of the country. Since 2024 is halfway through, the beneficiaries have already claimed the pension for the first half of the year. As we are in August 2024, you must be aware of the payment dates for August as well as for the following months. You can check the complete annual schedule of superannuation payments in the following table:
| Months | Payment dates |
| July | 4th and 18th July |
| August | 1st, 15th and 29th August |
| September | 12th and 26th September |
| October | 10th and 24th October (will paid on Saturday 21st due to Labour Day) |
| November | 7th and 21st November |
| December | 5th and 19th December |
Who is Eligible for NZ Pension Increase in 2024?
As per the pension increase, the pensioners are receiving the fortnightly payment. To be able to claim the pension, you must be aware of the eligibility requirements set by the Work and Income department. I have provided the eligibility criteria in the points listed below:
- A person must be a citizen of New Zealand at the time he/she applies for the NZ Super pension.
- In addition to it, he/she must be a permanent resident of the country.
- As per the age requirements, a person must be at least 65 years old or older.
- Apart from that, an applicant must have lived for at least 10 years in New Zealand after they have turned 20 with five of those years must being after they have turned 50 years old.
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