The Super Guarantee is set to go up to 11%
From 1 July 2023, Superannuation will increase from 10.5% to 11%. That means more money in your retirement fund.
What is the Super guarantee and why is it important?
The Super Guarantee is the minimum amount that your employer must contribute to your Super. This is on top of your wages.
Make sure you check that your employer is passing on the increase. Employers should be paying the increase into your Superannuation account on top of your take home pay.
Because of the hard work of ASU members already the Superannuation Guarantee has now been legislated to go up to 11% as of July 1 2023, and will continue to increase to 12% by 2025.
But there’s more to do.
Superannuation was won and fought by union members. It is designed to ensure a dignified retirement for us all.
But right now, Australia’s Superannuation system is failing women.
Already, women are retiring with half the super balances of men. We need to close the retirement gender pay gap and pay super on parental leave.
That’s why ASU members are campaigning for Superannuation to be paid on EVERY dollar earned, including paying superannuation on parental leave