Source: Unsplash/Matt Bennett.
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A government change requiring superannuation, or super, to be paid on payday could mean a young employee will be several thousand dollars better off by retirement.
The reform — which will not come in until July 1 2026 — will benefit the retirement incomes of millions of Australians, according to Treasurer Jim Chalmers and Assistant Treasurer Stephen Jones.
They give the example of a 25-year-old median income earner presently receiving their super quarterly and their wages each fortnight, who could be about $6000 (or 1.5%) better off when they retire.
The ministers argue there will be benefits to bosses, as well as to the workers, in the change.
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