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
This change is expected to combat wage theft and improve financial security for millions of workers, especially those nearing or already in retirement. More frequent payments will facilitate quicker detection of unpaid super contributions.
Author's summary: New superannuation rules to increase retirement funds.