Almost 5 million Aussies will receive a major increase to their pension payments as they are indexed to inflation.

Recipients of the Age Pension, Disability Support Pension and Carer Payment can expect an increase of $37.50 a fortnight for singles and $56.40 a fortnight for couples combined.

The maximum fortnightly rate of the pension is set to increase to $1,064 for singles and $1,604 for couples, including the pension and energy supplements.

Single, childless JobSeeker and ABSTUDY recipients over 22 will receive an extra $24.70 per fortnight.

Each half of a couple receiving payments will receive a $22.50 increase per fortnight.

Single parents receiving the parenting payment will benefit from an extra $33.90 a fortnight.

Single parents on the parenting payment will also receive an additional $33.90 per fortnight, with the rate increasing to $967.90, including the Pension Supplement, Energy Supplement, and Pharmaceutical Allowance.

Single, childless recipients of the maximum rate Common Rent Assistance will see an increase of $5.60, receiving $157.20 per fortnight.

People who receive the maximum rate and have one or two children will see an increase of $6.58 to $184.94 per fortnight, while those with three or more children will receive an increase of $7.42 to $208.74 per fortnight.

According to the federal government, the indexation of social security payments will bring cost-of-living relief for 4.7 million people.

Social Services Minister Amanda Rishworth said the government was supporting Australians most in need.

“Australia’s social security system exists to support our most vulnerable citizens, and we know they are feeling the pinch,” she said.

“Indexation is a pillar of our social security system and we want more money in the pockets of everyday Australians so they can better afford essentials.

“The increase is an important part of the system and helps those doing it toughest.”

The indexation of payments begins on March 20.

Image credit: Getty

This article first appeared on Over60.