New Superannuation Rule to Boost Retirement Funds
A significant change to superannuation is underway, aiming to provide faster payments and fewer missed contributions, resulting in more money for 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.
Payday Superannuation Bill
Treasurer Jim Chalmers introduced the Payday Superannuation Bill into parliament on October 9, which will require employers to make superannuation contributions within seven business days of payday, starting from July 1.
Unpaid super totalled almost $5.2 billion in 2024/25
According to Dr Chalmers, this change will strengthen Australia's superannuation system and combat wage theft, allowing for quicker detection of unpaid super contributions.
- Faster payments
- Fewer missed contributions
- More money for retirement
Author's summary: New superannuation rule to boost retirement funds.