New Superannuation Rule to Boost Retirement Funds
A significant change to superannuation is underway, aiming to provide faster payments and fewer missed contributions, ultimately leading to more money in retirement.
The introduction of the 'Payday Super' rules is expected to make a substantial difference to the financial security of millions of workers, particularly those nearing or already in retirement.
Key Changes
- Employers will be required to make superannuation contributions within seven business days of payday, starting from July 1.
- This change aims to strengthen Australia's superannuation system and combat wage theft.
Unpaid super totalled almost $5.2 billion in 2024/25
Treasurer Jim Chalmers introduced the Payday Superannuation Bill into parliament, stating that more frequent payments will help detect unpaid super contributions more quickly.
Author's summary: New superannuation rules to increase retirement funds.
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