New Superannuation Rule to Boost Retirement Funds
A significant change to superannuation is imminent, with the introduction of 'Payday Super' rules aiming to facilitate faster payments, reduce missed contributions, and increase retirement savings.
The Payday Superannuation Bill, introduced by Treasurer Jim Chalmers, requires 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
According to Dr Chalmers, this change will strengthen Australia's superannuation system and help combat wage theft by enabling quicker detection of unpaid super contributions.
- Faster payments
- Fewer missed contributions
- Increased retirement savings
Author's summary: New superannuation rules to boost retirement funds.