Superannuation Changes

From 1 July 2022 the employer paid Superannuation Guarantee Contribution (SGC) rate increased by 0.5% to 10.5%.

All employees who are paid salary and wages payments will have the additional superannuation contribution paid into their nominated fund from 1 July 2022.

The SGC will continue to increase by 0.5% on 1 July every year until the rate reaches 12.0% in July 2025.

This means that employees retirement savings will increase to assist with future retirement income needs.

From 1 July 2022 all employees who receive salary or wage payments will receive superannuation payments by their employer, regardless of how much they earn.

Previously employees had to earn more than $450 per month before employers were required to make SGC payments but this has now been removed. However, employees who are under 18 years of age will still be required to work for more than 30 hours in a week before their employer is required to make the super payment.