Superannuation

What is Superannuation?

Superannuation is to provide you with income when you retire.

Superannuation is like insurance, if you are seriously injured, become disabled or even die, your Superannuation Fund pays a lump sum or a pension to you or your dependants.

 

Why do I need to understand my rights regarding Superannuation?

Unfortunately, some employers do not make the compulsory payments on behalf of their employees. You need to check if your employer is making the payments for you.

 

Should all employees receive Superannuation?

All employees except those:

  • Paid less than $450 gross per calendar month
  • Under 18 years of age working nor more than 30 hours per week.
  • Employed for domestic or private work for 30 hours or less per week.

For other exemptions contact the Super Hotline on 131 020

 

How much money must my employer contribute?

  • 1998 - 1999           7%
  • 1999 - 2000           7%
  • 2000 - 2001           8%
  • 2001 - 2002           8%
  • 2002 - June 2013    9%
  • 2013 - 2014           9.25%
  • 2014 - 2015           9.5%
  • 2015 - 2016           9.5%
  • 2016 - 2017           9.5%

These percentages are the minimum employer contribution rates. Payments are based on ordinary time earnigns (OTE).

 

What should I do if my employer has not made my Superannuation payments?

Superannuation Information Sheet

 

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