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Under Australian federal law, employers must pay superannuation contributions to approved superannuation funds. Called the "superannuation guarantee" (SG), the contribution percentage as of 2025 is 12 per cent of the employees' ordinary time earnings, generally consisting of salaries/wages, commissions, allowances, but not overtime. [23]
From that date, super funds must also credit employer contributions to a MySuper account, unless if the member has directed the trustee to do otherwise. Given that over 75% of employees stay with their employers’ default fund, it was expected that the majority of employees would be in a MySuper product from that date.
Superannuation in Australia provides people with workplace pensions in retirement, and employers must pay a "superannuation guarantee" of 12% of income from 2025 to approved funds. [74] There may also be no unauthorised deductions of wages, [75] and there is a right to be paid at least monthly. [76]
However, employees can nominate an alternative investment fund, called a stapled super fund. [11] The Fair Work Commission determines which superannuation funds are suitable to be industry super funds and adopted by employers as default funds. [12] ME Bank was established and owned by 26 industry super funds. [13] It was sold to Bank of ...
Compensation can be fixed and/or variable, and is often both. Variable pay is based on the performance of the employee. Commissions, incentives, and bonuses are forms of variable pay. [2] Benefits can also be divided into company-paid and employee-paid. Some, such as holiday pay, vacation pay, etc., are usually paid for by the firm. Others are ...
Conroy also recommends employees meet with a qualified financial advisor ahead of retirement. “Before you convert that 30 percent of your 401(k) into an annuity, have an advisor help you shop ...
If you currently have a 401(k), consider rolling your savings into an Individual Retirement Account (IRA) or a new employer's retirement plan, which allows your investments to continue growing tax ...
The benefit in a defined benefit pension plan is determined by a formula that can incorporate the employee's pay, years of employment, age at retirement, and other factors. A simple example is a dollars times service plan design that provides a certain amount per month based on the time an employee works for a company. For example, a plan ...