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Pensioners will be able to earn $300 a fortnight without it hurting their welfare payments under draft laws introduced by the federal government.

The increase of $50 of earnings per fortnight will benefit 88,750 people, including those who are self employed, Social Services Minister Paul Fletcher told the lower house as he introduced the bill on Thursday.

The changes, which also include introducing means testing pooled-retirement-income products, comes at a cost of $258 million over four years.