<div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>More than five million </span><a href="https://www.9news.com.au/national" rel="" target="_blank" title="Australians "><span>Australians</span></a><span> receiving social security payments, half of whom are pensioners, will receive a cash boost in a matter of weeks.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Pension, rent assistance, JobSeeker, ABSTUDY and parenting payments will increase when they are indexed to inflation on March 20.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>More than 2.5 million people are set to benefit from the pension increase alone, with the government estimating those on a full single rate will see a $22.20 increase to their fortnightly payments.</span></div></div><div><div id="adspot-mobile-medium"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE: </span></strong><a href="https://www.9news.com.au/national/chris-baghsarian-kidnapping-police-raid-sydney-property/4ef07a82-f846-4c76-ba19-623b43e937d5" rel="" target="_blank" title=""><strong><span>Police say 'hope fading' to find kidnapped Sydney grandfather</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The government said those are rough figures based on available data and the exact numbers will be officially confirmed in the coming weeks. </span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>A recent report by COTA, a charity representing people aged over 50, found one in four older people are living in poverty.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Many older Australians are carefully managing every dollar, and additional income will help ease pressure on household budgets," COTA chief executive Patricia Sparrow said.</span></div></div><div><div class="OUTBRAIN" data-reactroot="" data-src="//www.9news.com.au/national/social-security-payments-pension-rent-assistance-jobseeker-abstudy-and-parenting-increases-march-20/43bc3837-3abd-4ade-abd3-c95c563f33f9" data-widget-id="AR_5"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"While it won't solve the cost-of-living pressures many people face, an increase in the pension will make a small difference when it comes to managing rising costs for essentials like food, energy, insurance and healthcare."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Changes to deeming rates, which are a way to assess social security payments based on the income people earn from their financial assets, will also come into effect from March 20.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE: </span></strong><a href="https://www.9news.com.au/world/today-in-history-february-20-what-happened-on-this-day-john-glenn-fireflies/171778c1-c810-40dd-b939-12761dbee841" rel="" target="_blank" title=""><strong><span>Astronaut surrounded by 'fireflies' when orbiting the Earth</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The Australian Government Actuary recommended the government lift deeming rates, which it has accepted.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The lower deeming rate will be increased by 0.5 per cent to 1.25 per cent for financial assets under $64,200 for singles and $106,200 for couples, and the upper rate will be 3.25 per cent for financial assets over these amounts.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Social Services Minister Tanya Plibersek said this was to ensure the social security system delivers value for taxpayers and is grounded in fairness.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"We'll continue to make sure the system is there to support those who need it most, ensuring that everyone can make ends meet and no one gets left behind," she said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><em><span>NEVER MISS A STORY:</span></em></strong><span> </span><em><span>Get your breaking news and exclusive stories first by following us across all platforms.</span></em></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><ul><li><strong><em><span>Download the 9NEWS App here via</span></em></strong><span> </span><a href="https://apps.apple.com/au/app/9news/id1010533727" 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