The government has recently announced a proposed increase to the Superannuation Guarantee rate from 9.5% to 10% commencing from the 1st of July 2021.
The last increase to Superannuation occurred in 2014 when it was lifted to the current rate of 9.5% where it has stayed for the last 7 years until now.
Further increases have been proposed over the next 4 years to lift the Superannuation Guarantee rate to a final target of 12%, however it’s possible this timeline could be shifted depending on economic conditions and any parliamentary changes in the upcoming election.
For now, employers will need to ensure that all staff are paid the 10% Superannuation Guarantee from the first pay period after the 1st of July 2021.
For more information about these changes please contact All 4 People at email@example.com