New Superannuation Rule to Boost Retirement Savings
A significant change to superannuation is underway, aiming to provide faster payments and fewer missed contributions, resulting in more money for retirement.
The new 'Payday Super' rules, introduced by Treasurer Jim Chalmers, will require employers to make superannuation contributions within seven business days of payday, starting 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 rules to increase retirement funds.