New Superannuation Rule to Boost Retirement Funds
A significant change to superannuation is underway, promising faster payments and more money in retirement.
The introduction of the 'Payday Super' rules aims to reduce missed contributions and strengthen Australia's superannuation system. Treasurer Jim Chalmers introduced the Payday Superannuation Bill, requiring employers to make superannuation contributions within seven business days of payday, starting July 1.
Unpaid super totalled almost $5.2 billion in 2024/25
This change is expected to combat wage theft and enable quicker detection of unpaid super contributions. The new rule has the potential to make a real difference to the financial security of millions of workers, especially those nearing or already in retirement.
Author's summary: New superannuation rule to boost retirement funds.