The government plan compensates the financial damage inflicted on pensioners on the basis of rates, which are used to estimate how much they earn from their investments (file image)

Are YOU one of the Australians about to get $ 800? Government to introduce a money injection as compensation for sharply falling interest rates

  • Retired people look forward to receiving a $ 804 increase from their financial assets every year
  • The federal government plans to compensate for high rates for pensioners
  • About one million pensioners and others, including veterans, will receive the money boost

Some lucky Australians are looking to get a cash boost of around $ 800 after the government has been pressured to compensate them for sharply falling interest rates.

Approximately one million people, including more than 600,000 retirees, will receive up to $ 804 after the income they received from their savings was due to a huge decrease due to recent reductions in rates.

The new plan will compensate for the damage caused by the assumed percentages that apply to pensioners, which are used to estimate how much income they receive from their financial assets – and those percentages are not in line with the interest rates.

The government plan compensates the financial damage inflicted on pensioners on the basis of rates, which are used to estimate how much they earn from their investments (file image)

The government plan compensates the financial damage inflicted on pensioners on the basis of rates, which are used to estimate how much they earn from their investments (file image)

The government was criticized because many saw the rates as a back door tax on pensioners.

Current rates are at an extremely high 3.25 percent for assets over $ 51,800 for singles and $ 86,200 for couples, and 1.75 percent for assets below those levels, as reported by the Daily telegram.

The government of Morrison proposes to lower the interest rate to 3 percent and 1 percent, so that pensioners get much more money back for their financial investments.

More than 600,000 retirees receive $ 804 a year after the government compensates them for cuts in interest rates (file image)

More than 600,000 retirees receive $ 804 a year after the government compensates them for cuts in interest rates (file image)

More than 600,000 retirees receive $ 804 a year after the government compensates them for cuts in interest rates (file image)

Family and Social Affairs Minister Anne Ruston said the cuts would benefit pensioners, as well as up to 350,000 other people who receive income-related payments, including veterans and people with disability pensions.

& # 39; It means more money in the pockets of older Australians & # 39 ;, Ruston said.

The cuts are expected to cost $ 600 million in the next four years.

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