From 1 July 2023, the percentage rate for the Super Guarantee will increase from 10.5% to 11%. That means more money in your retirement fund.
What is the Super guarantee and why is it important?
The Super Guarantee is the minimum amount that your employer must contribute to your Super. This is on top of your wages.
Make sure you check that your employer is passing on the increase. Employers should be paying the increase into your Superannuation account on top of your take home pay. If this is not occurring or your salary is inclusive of the SG rate, contact us for advice.
Additionally, because of the hard work of union members, the Superannuation Guarantee is being legislated to increase to 12% by 2025. Find out how much better off you’ll be at retirement with the savings calculator here.
But there’s more to do.
Superannuation was won by union members. It is designed to ensure a dignified retirement for us all.
But right now, Australia’s Superannuation system is failing women. Women retire with a Super balance that is about 47% lower than men.
That’s why ASU members are campaigning for Superannuation to be paid on EVERY dollar earned and for it to be paid at the same time as your pay (no more delays). It’s time to stand up for Super!
Additionally, paying Super on paid parental leave as well as government carer and family payments will make an enormous difference to working people’s futures. These are steps needed to ensure our universal Superannuation system safeguards the futures of everyone and does not discriminate against those with caring responsibilities.
Together, we can win this! Are you with us?