Superannuation is a mandatory savings scheme designed to help Australians save money that they can use in retirement. However, experts warn that migrant workers who do not pay attention to their super may be losing their savings to unnecessary fees and charges.
In Australia when you retired, you can get government benefits if you qualify or from your own savings, known as a superannuation.
Superannuation, commonly referred to as ‘super,’ is a part of your income put aside to fund your retirement. A superannuation Guarantee is the minimum percentage of your earnings that your employer must pay into your super.
The superannuation guarantee rate is increasing to 10% in July 2021.
Anyone earning more than $450 a month before tax is eligible for superannuation contributions from their employer.
For more information on superannuation, visit the Money Smart website at moneysmart.gov.au.
You can also speak to Services Australia’s Financial Information Service on 131 202 for free financial information in your language.
