New Superannuation Rule to Boost Retirement Funds
A significant change to superannuation is impending, promising faster payments and more money for retirement.
The new 'Payday Super' rules aim to reduce missed contributions and increase financial security for millions of workers, especially those nearing or already in retirement.
Key Changes
- Employers must make superannuation contributions within 7 business days of payday, starting July 1.
- The change is expected to strengthen Australia's superannuation system and combat wage theft.
Unpaid super totalled almost $5.2 billion in 2024/25
Treasurer Jim Chalmers introduced the Payday Superannuation Bill, stating that more frequent payments will help detect unpaid super contributions quickly.
Author's summary: New superannuation rules to increase retirement funds.
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