New Superannuation Rule to Boost Retirement Funds
A significant change to superannuation is imminent, with the introduction of 'Payday Super' rules aiming to provide faster payments, reduce missed contributions, and increase retirement savings.
The Payday Superannuation Bill, introduced by Treasurer Jim Chalmers, requires 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 strengthen Australia's superannuation system and combat wage theft, making 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.
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