The superannuation guarantee, which is the minimum rate of super employers must pay to employees, has risen from 10 per cent to 10.5 per cent today.
The typical Australian worker is set to receive an extra $312 in their super accounts this coming financial year when the superannuation guarantee is raised on Friday, with women, younger people and those on lower incomes set to benefit most from the increase.
Two thirds of those benefiting from the increase earn less than $70,000 a year, the lobby group says.“Even though the staged increases are small, they’ll add up to so much more in savings and that means a more secure future for millions of Australians,” said Industry Super Australia chief executive Bernie Dean.
“The removal of the $450 threshold is particularly significant for low-income, casual and part-time workers,” said Sarah Adams, the head of strategy, reputation and corporate affairs at the country’s largest super fund, AustralianSuper.The $450 per month super threshold is being removed, meaning 300,000 low-income earners will be paid super on their wages for the first time.
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