Families Minister Jenny Macklin said 3.4 million pensioners would receive the extra cash from March 20.
The single pension will rise by $6.70-a-fortnight to a maximum of $755.50 while pensioner couples will get a combined $10-a-fortnight more, taking their payment to $1139.
"Labor understands that pensioners have the least room to move in their budgets," Ms Macklin said.
"That's why it's so important that when the cost of living goes up, the pension goes up to match it."
The increase is part of the automatic twice-a-year inflation adjustment to the pension.
Ms Macklin said since Labor overhauled the pension system a few years ago, payments have increased by $154-a-fortnight for singles and $156-a-fortnight for a couple.
Ms Macklin said since Labor overhauled the pension system a few years ago, payments have increased by $154-a-fortnight for singles and $156-a-fortnight for a couple.
The increase covers people receiving the age pension, disability support pension, carer payments and veterans' support payments.
Another 1.1 million people will also receive a boost to their welfare payments.
The parenting payment will increase by $7-a-fortnight for singles.
The Newstart unemployment payment rises by $2.90-a-fortnight for singles and $5.20 for a couples.
Last month, several Labor MPs urged Prime Minister Julia Gillard to deliver an increase in the dole, which is about $250-a-fortnight less than the pension.
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