New Superannuation Rule Set to Deliver More Money in Retirement
A major change to superannuation is coming, with new 'Payday Super' rules aiming to provide faster payments, fewer missed contributions, and more money for retirement.
A significant shake-up to how superannuation is paid in Australia is on the horizon, which could make a real difference to financial security later in life, especially for millions of workers nearing or already in retirement.
Treasurer Jim Chalmers introduced the Payday Superannuation Bill into parliament, requiring employers to make superannuation contributions within seven business days of payday starting July 1.
Unpaid super totalled almost $5.2 billion in 2024/25
According to Dr Chalmers, the new rule will strengthen Australia's superannuation system and combat wage theft, with more frequent payments helping to detect unpaid super contributions more quickly.
Author's summary: New superannuation rules to boost retirement funds.
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