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Superannuation contributions to rise to 11.5 per cent from 1 July 2024
Jason Roberts
Jun 24, 2024
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Early childhood education and care (ECEC) employees can expect an increase in their guaranteed superannuation payments from 1 July 2024 as the amount contributed by employers rises to 11.5 per cent of earnings.
The increase is part of a multi year program to increase superannuation contributions for all Australian workers, with this year's step up to 11.5 per cent the penultimate increase before the most recent process ends at 12.0 per cent in July 2025.
The Government's objective is to boost the amount of savings available on retirement and to improve overall financial security for Australian workers.
As of 1 July 2024 all workers, regardless of their monthly earnings and if over eighteen years old, regardless of their work hours, will receive an increased superannuation contribution.
The minimum contribution is based on the employee's earnings over a given period of time and for Award employees is calculated based on hours worked and award rate applied.
To learn more about the upcoming change visit the ATO website here.
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