Need to know
Outlined below are all the latest news you 'need to know'.
|Issue||What it means||What do you need to be thinking about?|
Retirement Income Review report released
The Government released the Retirement Income Review which assessed the effectiveness of the three pillars of the retirement income system. These pillars being Australia’s Age Pension, compulsory superannuation and voluntary savings.
A copy of the Retirement Income Review report can be found here.
The Final Report will likely influence future government policy on retirement.
In his media release, the Treasurer notes several observations including:
|Department of Social Services|
Coronavirus Supplement: extended but reduced
In a joint statement with the Prime Minister, Anne Ruston confirmed both existing and new JobSeeker payment recipients will be paid the Coronavirus Supplement at a rate of $150 per fortnight from 1 January 2021 through to 31 March 2021 on top of their base rate of payment and other supplements they are eligible to receive.
A link to the media announcement can be found here.
This income test is applied to the JobSeeker Payment only. If a client is eligible for at least a part JobSeeker Payment they will receive the full Coronavirus Supplement (currently $250 per fortnight and reducing to $150 per fortnight from 1 January 2021 to 31 March 2021).
If you have any questions, or would like more information, please contact the IOOF TechConnect team on 1300 650 414.
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