Employers will be required to pay superannuation on fortnightly cycles instead of every three months in the latest crackdown on pension underpayments.
The changes will apply to businesses of all sizes across the country from July 1, 2026.
The Labor government said the policy would allow an average 25-year-old income earner to get an extra $6,000 (US$3,980) or 1.5 percent in super payments when they retired.
Treasurer Jim Chalmers said the change was common sense.
“It will strengthen the system and will boost retirement incomes,” he told ABC Radio.
“The main reason for that is it will make it less likely that people will miss out on the super that they’ve earned and that they’re entitled to.”…