About 92,000 part-rate pensioners lost access to the card in January, which helps with some living costs, as the Federal Government slashed pensions for moderately well-heeled retirees.
But those who were booted off the age pension on January 1 will get a new Pension Concession Card in the next two weeks.
Social Services Minister Christian Porter said the change would hand back access to a range of State, local government and private sector discounts.
“The January reforms to the assets test were a crucial step in ensuring that our pension system remains sustainable and affordable for future generations,” Mr Porter said.
“In reinstating the PCC, the Turnbull Government is ensuring that these 90,000 former part-pensioners will be able to access those benefits again.”
Part-pensioners were the biggest losers from the assets test changes, which some labelled a “wealth tax” on ordinary retirees.
The decision in the May Budget to reinstate the Pension Concession Card goes a small way to compensating them.
At the time, shadow social services minister Jenny Macklin called the $3 million move an “embarrassing backflip”.
The Department of Human Services will automatically reissue the new cards, meaning those who lost access in January do not need to act to receive theirs.