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.
The Payday Superannuation Bill, introduced by Treasurer Jim Chalmers, requires employers to make superannuation contributions within seven business days of payday, starting from July 1.
Unpaid super totalled almost $5.2 billion in 2024/25
This change is expected to 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 rule to boost retirement funds.
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