The average Australian will keep around $21,000 more in their superannuation fund after the change. Pension Contributions, according to a new analysis.
the The retirement guarantee was increased from 11 to 11.5 percent. This month, which means your employer’s mandatory retirement payments have increased.
According to a new analysis by the U.S. Treasury Department, the average worker earning about $72,000 would receive an additional $21,000 in retirement as a result of the permanent 0.5 percentage point increase.
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The government has gradually raised the social security rate to 12 percent, which is scheduled to take effect in July 2025.
If we take into account all the increases from 10% to 11.5%, the average worker will earn an additional $64,000 in retirement.
“Wage growth and tax cuts are putting money in people’s pockets now, and our increase in retirement security will put money in people’s pockets for the future,” said Chancellor Jim Chalmers.
“This will make a huge difference to millions of Australians who deserve a decent retirement.
“Pension guarantees have tripled under our government.”
The ceiling for preferential contributions to the pension fund also increased, effective July 1, from $27,500 to $30,000 per year.
This is the amount you can invest in your retirement account each year without paying additional taxes and includes employer payments.
The maximum contributions to after-tax or non-regressive retirement funds have also been increased from $110,000 to $120,000.
