The Parliament has sealed legislation that would give a super boost to 300,000 Australians on lower incomes, two thirds of which getting more super payments are women.
Long overdue legislation to abolish the outdated $450 threshold, when super is not paid if a worker earns less than that figure a month, was passed yesterday removing a system relic that denied part-time and casual workers retirement savings.
Industry funds had long fought to remove this antiquated law and the government, and the Parliament should be congratulated for passing the Enhancing Superannuation Outcomes for Australians Bill, which contained the measure to remove the $450 threshold.
The median super balances of those impacted by the $450 threshold is just $12,000 – securing them retirement contributions – many for the first time - will be vital for their future financial security.
*The above material, whilst correct at the time of publication may include references or statements which are no longer current.