New Superannuation Rule Set to Deliver More Money in Retirement
A major change to superannuation is coming, with new 'Payday Super' rules aiming to provide faster payments, fewer missed contributions, and more money for retirement.
The Payday Superannuation Bill, introduced by Treasurer Jim Chalmers, requires employers to make superannuation contributions within seven business days of payday, starting July 1.
It would strengthen Australia's superannuation system and combat wage theft.
Unpaid super totalled almost $5.2 billion in 2024/25, and more frequent payments should help detect unpaid super contributions more quickly.
This change is expected to make a real difference to the financial security of millions of workers, especially those nearing or already in retirement.
Author's summary: New superannuation rules to boost retirement funds.