21. Apply for Parenting Payment We recommend that you apply the Parenting payment. Based on our estimates, you may be eligible for a fortnightly payment of $XX after the waiting period of XX weeks. Benefits:
This income payment will assist with your parenting costs whilst raising young children. This will assist in replacing some of your lost employment income whilst caring for children.
Points to Consider:
This parenting payment is subject to a waiting period depending on your employment and leave / cash receipts. We estimate that your waiting period will be XX weeks. Centrelink payments are subject to legislative change which may impact the amount of your entitlement in the future. You must notify Centrelink of any significant changes, within 14 days, for a review of your entitlements.
22. Maintain your Pension Bonus Scheme We recommend that you continue working which will help you meet the work test to receive your pension bonus. The amount will be determined as a single payment dependent on your age pension also. Benefits:
You can receive a significant lump sum bonus for continuing to work once you reach age pension eligibility age. This money can assist in meeting your retirement income needs once you cease work. This is a monetary reward for continuing to work when you could retire and claim the Centrelink Age Pension.
Points to Consider: Things that can affect your payment include:
You must be an accruing member for at least 1 year. As a registered member you can accrue bonus periods toward your Pension Bonus if you meet all of the following. You: o pass the work test o are younger than 75 o aren’t in a period of non-accruing membership. Centrelink cap your bonus at 5 years of accruing membership You can’t build up your bonus once you turn 75 If you can’t get Age Pension, you can’t get a bonus When Centrelink calculate your bonus, they don’t add extra benefits to your Age Pension, such as: o Rent Assistance o Pension Supplement, or o Remote Area Allowance If you can get a part rate Age Pension, you may get a part rate bonus. Pension Bonus is no longer open to new applicants, only existing arrangements will now be paid.
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