New Superannuation Rule to Boost Retirement Funds
A significant change to superannuation is on the horizon, promising faster payments and more money for retirement.
The new 'Payday Super' rules aim 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
According to Dr Chalmers, this change will combat wage theft and enable quicker detection of unpaid super contributions.
- Faster payments
- Fewer missed contributions
- More money for retirement
Author's summary: New superannuation rules to boost retirement funds.