New Superannuation Rule to Boost Retirement Funds
A significant change to superannuation is underway, aiming to provide faster payments and fewer missed contributions, resulting in more money for retirement.
The Australian government has introduced the Payday Superannuation Bill, which 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
Treasurer Jim Chalmers believes this change will strengthen Australia's superannuation system and combat wage theft, allowing for quicker detection of unpaid super contributions.
- Faster superannuation payments
- Fewer missed contributions
- More money for retirement
Author's summary: New superannuation rule to increase retirement funds.