The superannuation guarantee is increasing from 10% to 10.5% today.
This means employers are required to increase the superannuation contributions for employees from 1 July 2022.
Workers employed under a Modern Award or an Enterprise Agreement will see this increase in the contributions made to their nominated super accounts.
Superannuation contributions are set to increase to 12% by 2025 which is a significant step to help workers retire with enough savings.
Along with this increase, the unfair $450 superannuation threshold is being removed which means superannuation must be paid regardless of monthly earnings.
These improvements were fought for by SDA members, the SDA, Australian Unions and the Australian Labor Party to ensure that Australians can retire with dignity.
