Employers currently need to pay 9.5% of your ordinary time salary into your super account. These payments are called Superannuation Guarantee (SG) contributions and employers must pay them for you by law.
The Superannuation Guarantee contributions are legislated to rise from 2022 to 12% by 2025.
In most cases you can’t access your super until you are over your preservation age, which is age 55 if you were born before 1 July 1960. There are a few circumstances where you can access your super early.
Over the course of your working life your super contributions from your employer, as well as any contributions you make, add up. Your super is also invested by your super fund, so investment earnings help it to grow over time too. The goal is that when you retire, you will have enough money to live off.
Because the Government wants you to save for retirement, they provide tax incentives on your super investments to help it grow even further.
Super is YOUR MONEY and has many benefits.