The increases will help pensioners keep up with rises in cost of living expenses and are driven by the CPI increase of 1.9 per cent for the six months to December 2013.
The Coalition Government is pleased to deliver increases to those on the Age Pension, Disability Support Pension, Carer Payment and veterans’ income support.
Another increase will occur in September and reflect growth in the Consumer Price Index or the Pensioner and Beneficiary Living Cost Index, whichever is higher.
The rate is also benchmarked to Male Total Average Weekly Earnings to help the pension keep pace with community living standards.
Single age pensioners will receive an increase of $15.70 a fortnight, while age pensioner couples will receive $23.80 extra a fortnight.
Total pension payments for people on the maximum rate will be $842.80 a fortnight for singles, and $1,270.60 a fortnight for couples.
In addition, around one million allowance recipients will also benefit from increases to income support payments such as Newstart and Parenting Payment on 20 March.
Single recipients without children on the maximum rate of allowance will receive an extra $9.70 a fortnight. The maximum fortnightly rate will be $519.20.
Singles with children on the maximum rate of allowance will receive an extra $10.50 a fortnight. The maximum fortnightly rate will be $561.80.
Parenting Payment Single recipients will receive an extra $13.50 a fortnight. The maximum fortnightly rate will be $725.10.