About 7 million Australians will benefit from a boost to their nest egg this month as the super guarantee rate increases to 10.5%, another step on the way to 12% super.
From July 1 an extra $312 a year will flow into the super accounts of the typical worker, and almost 300,000 lower-income workers, about 200,000 of whom are women, will be paid super on their wages for the first time with the removal of the $450 threshold.
July 1 also marks the 30th year of compulsory super, a landmark reform that has allowed millions of low to middle income Australians to save for an adequate retirement.
This year’s super boost may be small, but it will make a big difference to a worker’s nest egg – with a 30-year-old on the median wage expected to have an extra $22,000 at retirement.
*The above material, whilst correct at the time of publication may include references or statements which are no longer current.