New Superannuation Rule to Boost Retirement Funds
A significant change to superannuation is imminent, with the introduction of 'Payday Super' rules aiming to provide faster payments, reduce missed contributions, and increase retirement savings.
The Australian superannuation system is set to undergo a major overhaul, potentially enhancing financial security for millions of workers, particularly those nearing or already in retirement.
Introduction of Payday Superannuation Bill
Treasurer Jim Chalmers introduced the Payday Superannuation Bill into parliament on October 9, which would require employers to make superannuation contributions within seven business days of payday, starting from July 1.
Dr Chalmers stated that this change would strengthen Australia's superannuation system and combat wage theft.
According to Dr Chalmers, unpaid super totalled almost $5.2 billion in 2024/25, and more frequent payments should facilitate quicker detection of unpaid super contributions.
Author's summary: New superannuation rule to deliver more retirement money.
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