Union Win: Superannuation increases to 10% from 1 July
The Superannuation Guarantee, which is a compulsory payment in addition to your ordinary earnings set aside for your retirement, is increasing from 9.5 per cent to 10 per cent on July 1.
This is good news!
Superannuation is an important part of ensuring that Australian workers have a savings safety net once they retire from the workforce.
Workers employed under an Award or an Enterprise Agreement will see this increase in the contributions made to their nominated super accounts after July 1. If your employer already pays 10% super contributions then this increase may not apply to you.
Superannuation contributions are set to increase to 12% by 2025 so that worker savings will be sufficient to meet the cost of living in retirement.
It’s a small amount now but it adds up overtime because of ‘compounding interest’, so we recommend you check your super account and payslip to make sure your employer is putting the money in and that it’s the right amount.
These increases were fought for by Australian Unions, the SDA and the Australian Labor Party to ensure that Australian workers can retire with dignity.