New Superannuation Rule to Boost Retirement Funds
A significant change to superannuation is underway, aiming to provide faster payments and more money for retirement.
The new 'Payday Super' rules 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
Treasurer Jim Chalmers introduced the Payday Superannuation Bill to parliament, stating it will strengthen Australia's superannuation system and combat wage theft.
- Faster payments
- Fewer missed contributions
- More money for retirement
The change is expected to make a significant difference to the financial security of millions of workers, especially those nearing or already in retirement.
Author's summary: New superannuation rule to boost retirement funds.