New Superannuation Rule to Boost Retirement Funds
A significant change to superannuation is impending, promising faster payments and fewer missed contributions.
The 'Payday Super' rules aim to enhance financial security in retirement, particularly for those nearing or already in retirement.
Key Changes
- Employers must make superannuation contributions within 7 business days of payday, starting July 1.
- The new rule aims to combat wage theft and strengthen Australia's superannuation system.
Unpaid super totalled almost $5.2 billion in 2024/25
Treasurer Jim Chalmers introduced the Payday Superannuation Bill to parliament, emphasizing the benefits of more frequent payments in detecting unpaid super contributions.
Author's summary: New superannuation rules to boost retirement funds.
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