83A

Simplified outline of this Part

Current

Certain pensions are indexed each 1 January and 1 July.

For pensioners aged under 55, the indexation is based on positive movements in the consumer price index.

For pensioners aged 55 or older, the indexation is based on the more favourable of positive movements in:

(a)

the consumer price index; and

(b)

the pensioner and beneficiary living cost index;

with an adjustment if needed to ensure that affected pensions are increased by at least the percentage required to maintain a hypothetical pension at 27.7% of male total average weekly earnings.

This Act’s bill:Second reading speech

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