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The government introduced the Superannuation Guarantee in 1992 as part of a major reform package addressing Australia's retirement income policies. Since its introduction, employers have been required to make compulsory contributions to superannuation on behalf of most of their employees.
The Superannuation Guarantee (SG) rate, which had been gradually increasing over the years, reached 10.5% in 2022 and is set to continue rising by 0.5% each year until it hits 12% by 2025. [16] This change aims to enhance retirement savings for Australian workers, ensuring better financial security in retirement.
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If you are nearing retirement age or have become injured or disabled recently, you may wonder if you are qualified for Social Security benefits, including disability assistance, Supplement Security...
Total employment in the finance industry (thousands of people) since 1984. Participants in the financial system consist of commercial banks, investment banks, finance companies, building or cooperative societies, credit unions, friendly societies, non bank financial institutions (NBFI), superannuation and approved deposit funds, public unit trusts, cash management trusts, mortgage originators ...