Compulsory superannuation contributions will increase from 10 percent to 10.5 percent for Australian workers in the new financial year.
The increases will continue until reaching 12 percent in 2025, boosting the already vast retirement fund industry that now controls around $3 trillion (US$2.05 trillion) in funds—the fourth largest pension fund in the world.
For some workers, the changes could see employers simply up the amount they pay into their super accounts while leaving their wages untouched. For others, the difference could see their take-home pay reduced with the 0.5 percent compulsory contribution coming from their existing pay packets.
A further legislative change is the removal of the $450 per month minimum wage threshold, which will open the door for part-time workers to receive super….