Superannuation on the Up
As of 1 July this year you should have noticed a change to your payslips as the percentage rate for the Super Guarantee increased from 10.5% to 11%.
This is part of a schedule of legislated changes.
Under this current schedule the percentage rate will rise again to 11.5% on 1 July next year (2024) and to 12% on 1 July the following year (2025). It will remain at 12% unless further changes are legislated.
It is important you cast an eye over your payslip, if you have not done so already, to confirm the contributions being made into your fund have increased since 1 July as required.
If that has not occurred you should immediately direct an enquiry to your employer. In the first instance, ask why your employer superannuation contribution has not increased. If you do not receive a satisfactory response then ask your local IEU Sub-Branch Representative if this anomaly applies to just you or does it effects members more broadly in your work place.
Whatever the answer, the next step is to contact the IEU for assistance to clarify your situation and for direction on what to do next, if needed – 8410 0122 or enquiries@ieusa.org.au
Superannuation is an entitlement that provides security for your future. It should not be taken for granted.
NGS Super provide a useful explanation of the superannuation guarantee here: https://www.ngssuper.com.au/articles/news/understanding-the-super-guarantee-rate
