Superannuation Guarantee Set To Increase
The Australian Federal Government has introduced a Bill into Parliament to increase the Superannuation Guarantee (SG) rate applied to an employee's ordinary time earnings from 9% to 12%.
If passed, the 'Superannuation Guarantee (Administration) Amendment Bill 2011' will gradually increase the SG rate from 9% to 12% between 2013-14 and 2019-20.
The bill will also lift the Superannuation Guarantee age limit from 70 to 75 years.
While the increase will benefit many Australians, it will offer a great advantage for women planning to take extended time out of the workforce to raise children, according to a research paper prepared for the AIST by the Australian Centre for Financial Studies.
Proposed Superannuation Guarantee % Increase
|
Date |
SG % |
|
1 July 2013 |
9.25% |
|
1 July 2014 |
9.5% |
|
1 July 2015 |
10% |
|
1 July 2016 |
10.5% |
|
1 July 2017 |
11% |
|
1 July 2018 |
11.5% |
|
1 July 2019 |
12% |
November 2011