New Superannuation Rule Set to Deliver More Money in Retirement
A major change to superannuation is coming, with new 'Payday Super' rules aiming to provide faster payments, fewer missed contributions, and more money for retirement.
The Payday Superannuation Bill, introduced by Treasurer Jim Chalmers, requires employers to make superannuation contributions within seven business days of payday, starting 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 combat wage theft, allowing for quicker detection of unpaid super contributions.
The new rule is expected to make a significant difference to the financial security of millions of workers, especially those nearing or already in retirement.
Author's summary: New superannuation rules to boost retirement funds.
- Faster payments
- Fewer missed contributions
- More money for retirement
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