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SSS' offices are located in 291 branches all over the country. There is an option to email or make a call to SSS’ branches. [30] Members can utilize the toll-free number that is open on weekdays and online services for transactions such as securing SSS identification number and applying for loans, sickness and retirement benefits. [5]
State Super is the Trustee of the following defined benefit schemes: State Authorities Superannuation Scheme (SASS), State Superannuation Scheme (SSS), and Police Superannuation Scheme (PSS). State Super also manages the State Authorities Non-contributory Superannuation Scheme (SANCS), which provides additional benefits to members of SASS, SSS ...
Contributions to superannuation accounts are subject to a concessional income tax rate of 15%. This means that for most Australians, the tax on their money sent to a superannuation account is less than the tax on money sent to their bank account. Australians can contribute additional superannuation beyond the 12% minimum, subject to limits.
Except for the mandatory superannuation scheme, workers do not contribute to a pension or insurance scheme in Australia, unlike pension schemes in many other countries. The age pension is subject to a number of requirements: the age pension is available to persons over what is referred to as the Age Pension age. [26]
A pension fund, also known as a superannuation fund in some countries, is any program, fund, or scheme which provides retirement income. The U.S. Government 's Social Security Trust Fund , which oversees $2.57 trillion in assets, is the world's largest public pension fund.
A defined contribution (DC) plan, is a pension plan where employers set aside a certain proportion (i.e. contributions) of a worker's earnings (such as 5%) in an investment account, and the worker receives this savings and any accumulated investment earnings upon retirement. [19]
The taxable income of a superannuation fund is taxed at a flat rate of 15%; however, concessional contributions of those members whose taxable income exceeds $300,000 are subject to a rate of 30%. In the 2016 federal budget, the government proposed to reduce, effective 1 July 2017, the threshold when the tax rate of 30% comes in to members ...
It insures its members against the occurrence of certain contingencies in exchange for their monthly premium contributions. GSIS members are entitled to an array of social security benefits, such as life insurance benefits, separation or retirement benefits, and disability benefits.