New Superannuation Rule to Boost Retirement Funds
A significant change to superannuation is imminent, with the introduction of 'Payday Super' rules aimed at faster payments and fewer missed contributions.
The Payday Superannuation Bill, introduced by Treasurer Jim Chalmers, requires employers to make superannuation contributions within seven business days of payday, starting July 1.
It would strengthen Australia’s superannuation system and combat wage theft.
According to Dr Chalmers, unpaid super totalled almost $5.2 billion in 2024/25, and more frequent payments should help detect unpaid super contributions more quickly.
- Faster payments
- Fewer missed contributions
- More money for retirement
Author's summary: New superannuation rule to deliver more retirement money.