Millions of Australians on Centrelink will have their payments boosted by thousands of dollars under indexation changes that come into effect from next week.

More than five million people will benefit from the change on March 20, including pensioners, renters and job seekers.

Under the changes, a single pensioner will receive more than $3913 extra per year, while pensioner couples will receive $5902 additional per year combined.

People on JobSeeker allowance will receive an extra $3374 to $5038 per year as a result of the indexation.

The maximum single rate of the pension for those on the age pension, disability support pension and carer pension will increase by $4.60 to $1149 a fortnight.

Parenting payment single recipients will get an extra $4 a fortnight, which will bring their total fortnightly payment to $1030.30, including the pension supplement, pharmaceutical allowance and energy supplement.

For a single recipient of JobSeeker Payment aged 22 and over without children, indexation will deliver a $3.10 increase to their fortnightly payments, bringing the payment to $789.90 including the energy supplement.

Each person in a couple on JobSeeker Payment, ABSTUDY (aged 22 and over) or Parenting Payment Partnered will receive an additional $2.80 per fortnight.

The fortnightly rate will increase to $723, including the energy supplement.

Minister for Social Services Amanda Rishworth said the changes would help Australians at “whatever age or stage they’re at in life”.

“Indexation is a critical part of our social security safety net,” Rishworth said.

“For pensioners and other payment recipients receiving this financial boost, this will help ease some pressure.”