What is Super, how does it work?
What is Super, how does it work?
Superannuation is one way people can save for retirement. For many Australians, super may grow to be their largest asset. So it is important to understand why the super system exists and how members can take control of their super savings. Why people are in super
Australia's population is ageing. Therefore, over time, there will be fewer working people compared with the number of retired people, leaving fewer people paying taxes to support the Government's age pension. The level of retirement savings will need to be increased. To help achieve this, the Federal Government introduced compulsory super for most Australian employees in 1986. Generally, employers are required to pay 9% of an employee's salary into super.